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Test 003, Please Ignore


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EGB Supply for W/C Jul 26


Pullback Considered Corrective


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Monday's surge in spot USD/PHP allowed the rate to show at its best levels since March. The pair reopened on a slightly firmer footing today, testing resistance from Mar 17 high of PHP48.736, but has promptly pulled back and last sits -0.017 at PHP48.675.

  • Bears need a fall through yesterday's low of PHP48.455, before taking aim at May 27/Jun 16 highs of PHP48.185/48.175. Bulls keep an eye on the aforementioned PHP48.736 level and a break here would expose Feb 23 high of PHP48.755.
  • USD/PHP 1-month NDF last -0.020 at PHP48.770. Bears would be pleased by a fall through the 200-DMA at PHP48.353, while bulls look for a rally through yesterday's high of PHP48.950, towards Apr 7 high of PHP49.010.
  • Pres Duterte warned that people who refuse to get vaccinated against Covid-19 might face imprisonment, but it is unclear if his threat will come to fruition. The President remarked that at this point "the stricter you are, the better," as another wave of infections "would be disastrous for this country".
  • The Presidential Palace was at odds with Dept of Health, when Duterte's spokesman suggested that quarantine qualifications wouldn't be lifted. The DoH said earlier that it might allow local gov't units to set their own quarantine status independently.
  • Philippine budget balance is expected to hit the wires later today, there is no fixed time of the release. Focus will then move to the latest monetary policy decision from BSP. Philippine central bankers are expected to leave the main policy settings unchanged.