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Metro Manila To Remain Under GCQ With Enhanced Restrictions Despite Upsurge In Covid Cases

PHP

Spot USD/PHP reopened on a softer footing, along most USD/Asia crosses. The rate last sits -0.052 at PHP50.340 and bears look for a move through Jul 23 low of PHP50.085, before taking aim at Jul 13 low of PHP49.940. Bulls need a clearance of Jul 19 high of PHP50.496, before targeting May 28/22 highs of PHP50.770/50.795.

  • USD/PHP 1-month NDF last seen +0.050 at PHP50.460, bulls eye Jul 27 high of PHP50.730 for initial resistance, while bears look to a dip through Jul 22/13 lows of PHP50.140/50.100.
  • The Presidential Palace announced that Metro Manila will remain under General Community Quarantine (second-loosest level) with heightened restrictions in the first two weeks of Aug, despite the increase in new Covid-19 infections. The decision was taken in defiance of experts' recommendations, with OCTA Research Group calling for a "circuit-breaking" lockdown in the capital region.
  • Philippine money supply and bank lending data may hit the wires in the coming days, there is no fixed time of the release.
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