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M'fing PMI Reaches Three-Year High, Metro Manila Stays Under Covid Alert Level 1

PHP

Spot USD/PHP is back to virtually unchanged level after a slightly softer re-open and last trades at PHP51.748, hovering just above its 50-DMA. Renewed losses past that moving average, which today intersects at PHP51.674, would shift focus to PHP51.500, which provided a formidable layer of resistance in the first two months of the year. Bulls look for a rebound towards Mar 22/14 highs of PHP52.471/52.487.

  • USD/PHP 1-month NDF last seen -0.020 at PHP51.870. Bears look for a slide through the 50-DMA/Mar 28 low at PHP51.823/51.740, while bulls look to a jump above Mar 22 high of PHP52.790.
  • Metro Manila will stay under Covid-19 Alert Level 1 (lowest) for at least two more weeks along almost 200 other areas.
  • The Philippines' S&P Global M'fing PMI rose to 53.2 last month from 52.8 in February, suggesting that the sector expanded at a faster pace. Headline index printed the highest level since 2018, with "manufacturing expectations remaining strongly optimistic."
  • Looking ahead, CPI report will be out next Tuesday, with trade data coming up next Friday.
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