Happy To Hold Recent Range

Spot USD/PHP trades at PHP48.08, 2 pips worse off on the day, sticking to its recent range. Bears look for a dip through Dec 4 low & lower 2.0% Bollinger band/round figure of PHP48.02/00, after this year's sell-off has lost momentum above these levels. Bulls look for a jump above yesterday's high of PHP48.13 before targeting the 50-DMA, which intersects at PHP48.27.

• The Philippines joined the list of countries which banned all flights from the UK owing to the detection of a new strain of the coronavirus on the British Isles.
• Just to recap, Tuesday saw BSP Gov Diokno note that the easing cycle is not over and interest rates will remain low through the end of 2022. He added that the BSP still has some monetary space left but believes that inflation will stay within the target range over the policy horizon. Diokno also said that policymakers were "comfortable" with the level of the peso and wouldn't step in to prevent currency appreciation.
• There is little of note left on the Philippine docket this week.