CORRECTED-MNI: Fed's Hammack-Near Or At Time To Slow Rate Cuts

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CANADA JOBLESS RATE +6.8% VS FORECAST +6.6%, PRIOR +6.5%

MNI China Daily Summary: Friday, December 6

MNI: PBOC Net Drains CNY288.1 Bln via OMO Friday

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MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

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AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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Extending Losses

PHP

Spot USD/PHP has extended its recent uptick and last trades +0.198 at PHP51.785, with bulls looking for further gains past Mar 31 high of PHP52.092. A break here would bring Mar 22/14 highs of PHP52.471/52.487 into play. Bears look for a slide through the 100-DMA, which kicks in at PHP51.189.

  • USD/PHP 1-month NDF last +0.260 at PHP52.000. On the topside, initial focus falls on Mar 22 high of PHP52.790. Bears keep an eye on Apr 5 low of PHP51.260.
  • BSP Gov Diokno reiterated that the fallout from Russia's invasion of Ukraine on the Philippine economy is limited as its links with both nations are limited.
  • During their first 2+2 meeting in Tokyo, the Philippines and Japan agreed to boost bilateral defence cooperation.
  • On the data front, overseas remittances are expected to hit the wires over the coming days.
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