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Metro Manila Mayors Back Easing Covid Alert Level

PHP

Spot USD/PHP has faltered this morning, with the peso drawing support from the prospect of looser Covid-19 curbs in Metro Manila. The rate last sits -0.165 at PHP51.295, with bears looking for a sell-off past PHP51.210 before setting their sights on Feb 3/Jan 5 lows of PHP50.920/50.900. Topside focus remains on key resistance from PHP51.500.

  • USD/PHP 1-month NDF last -0.040 at PHP51.400. Bears eye Feb 16 low/50-DMA at PHP51.210/51.196 for initial support, with bulls keeping an eye on Feb 8 high of PHP51.780.
  • Metro Manila mayors unanimously backed lowering the Covid-19 Alert Level to the lowest grade and submitted their recommendation to the national Covid-19 task force, who will take the final decision.

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