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.