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Metro Manila Kept At Lowest Covid-19 Alert Level

PHP

Spot USD/PHP has edged higher this morning and last deals +0.090 at PHP52.345. The PHP52.500 level remains a key near-term bullish target, while bears look for losses past yesterday's low/50-DMA at PHP51.970/51.945.

  • USD/PHP 1-month NDF last +0.010 at PHP52.630. Topside focus falls on Apr 20 high of PHP52.750, while bears keep an eye on the 50-DMA at PHP52.153.
  • The Philippines' Covid-19 task force decided to keep Metro Manila under Alert Level 1 for the next two weeks, a period that covers the upcoming presidential election.
  • Looking ahead, focus turns to Philippine CPI (Thursday) and trade balance (Friday).

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