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Manila Curbs Relaxed, Sino-U.S. Military Drill Kicks Off

PHP

Spot USD/PHP sits +0.020 at PHP48.560 as we type, happy to hug the prior day's range, despite the easing of restrictions in the NCR+ bubble. A break above the 200-DMA at PHP48.613 would create potential for a rally toward Mar 17/Feb 23 highs of PHP48.736/55. Bears need a fall through Apr 6 low of PHP48.319 before taking aim at Feb 17 low of PHP48.281.

  • Pres Duterte announced the loosening of restrictions in Metro Manila and the neighbouring provinces of Bulacan, Rizal, Laguna and Cavite, after hospitals in the region added 3,156 beds for Covid-19 patients.
  • The Philippines said that 500,000 Sinovac jabs arrived on Sunday, with 20,000 further doses of Russian vaccines expected to arrive. The Philippines distributed 1.14mn vaccine doses so far.
  • Joint military exercises of 1,700 Philippine & U.S. troops kicked off today and will last for two weeks. The annual drill takes place amid resurfacing Sino-Philippine tensions in the South China Sea.
  • The Philippine docket this week is headlined by overseas remittances data, due Thursday.

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