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Diokno Plays Down Omicron Threat, Pledges To Keep MonPol Settings Accommodative

PHP

Spot USD/PHP trades +0.016 at PHP50.426 as we type, with bulls looking for gains past Nov 22 high of PHP50.765. A break here would open up Oct 22 high of PHP50.907. On the flip side, a slide below the 100-DMA at PHP50.356 would bring Nov 19 low of PHP50.220 into play.

  • USD/PHP 1-month NDF last seen -0.010 at PHP50.550. Bears keep an eye on Nov 30 low of PHP50.320, while bulls look to a jump above Nov 23 high of PHP50.890.
  • BSP Gov Diokno played down concerns over the Omicron coronavirus variant, noting that "there is too much exaggeration on the impact of that." The official said that the central bank "will continue with our accommodative policy" as long as needed.
  • Meanwhile, the Philippine Covid-19 task force approved stricter protocols for inbound travellers on Thursday. The new rules take effect today.
  • Philippine CPI and unemployment are due on Tuesday, while trade balance will hit the wires next Friday.
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