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Duterte To Unveil Decision On NCR+ Quarantine Status

PHP

Spot USD/PHP popped higher at the re-open, playing catch-up with yesterday's broad-based USD rally. Concerns over the local coronavirus situation may have put some pressure on the peso. The rate last changes hands +0.046 at PHP48.436.

  • The Presidential Palace said that determining the next quarantine status of the NCR+ bubble will be a "difficult decision" for Pres Duterte. He is scheduled to deliver an address on the matter today, following yesterday's deliberations of the Philippine Covid-19 task force.
  • Metro Manila mayors closed ranks and called for a implementing a "flexible modified enhanced community quarantine (MECQ)" in their cities, effectively proposing a middle ground between keeping the current level of lockdown measures or bringing it a notch lower.
  • OCTA Research Group suggested that the gov't shouldn't rush to relax lockdown measures in the capital region and said that extending MECQ in the NCR+ bubble would help decongest hospitals and stabilise the decrease in new infections.
  • The Philippines' overall BoP is expected by the end of this week, with money supply & bank lending data coming up on Friday.
  • A breach of the nearby Apr 21 high of PHP48.450 would shift topside focus to the 200-DMA at PHP48.513. This moving average is now under close scrutiny, as the 50-DMA is approaching, which may result in a "golden cross" formation. Bears look for a dip through the 100-DMA/Apr 20 low at PHP48.271.

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