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Duque Says Spread Of Covid-19 Slows But Country Remains At Critical Risk

PHP

Spot USD/PHP trades at PHP51.245, virtually unchanged on the day. Bears look for a dip through Jan 12/5 lows of PHP50.955/50.900 before targeting the 50-DMA/100-DMA at PHP50.512/50.467. Conversely, a clearance of Jan 10 high of PHP51.440 would bring Mar 18, 2020 high of PHP51.823 into view.

  • USD/PHP 1-month NDF last seen -0.080 at PHP51.520. A fall through Jan 12 low of PHP50.860 would please bears, while bulls set their sights on Jan 4 high of PHP52.140.
  • Health Sec Duque said in a media briefing Monday night that the spread of Covid-19 in the Philippines is slowing down. Nonetheless, it is too early for enthusiasm, as the whole nation is still at critical risk.
  • Worth flagging that the Philippines' overall BoP may hit the wires as soon as tomorrow.
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