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(Z1) Shallow Bounce


Trend Needle Still Points North


Biden Losing Support On COVID-19 Strategy: Poll


Slide Accelerates


Snapshot: USDMXN Set To Post Highest 2021 Close


Still Looking For Weakness

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Spot USD/PHP trades +0.167 at PHP49.995 as we type, following a firmer reopen, as local Covid-19 case count remains elevated. Bulls need the rate to rally past Aug 27 high of PHP50.145, before taking aim at Aug 19 high of PHP50.615. Conversely, a slide through Sep 3 low of PHP49.659 would clear the way to Aug 4 low of PHP49.605.

  • USD/PHP 1-month NDF last seen +0.040 at PHP50.080. Bulls look to a move through the 50-DMA/Sep 1 high at PHP50.224/50.260, while bears keep an eye on PHP49.720, which cushioned losses on Aug 31/Sep 1.
  • The Philippines declared 20,019 new Covid-19 cases on Sunday, the third day in a row when infections topped 20,000.
  • Trade Sec Lopez said Saturday that the authorities are planning to pilot a "granular lockdown system" in Metro Manila from Wednesday. The authorities are planning to shift from region-wide restrictions towards targeted curbs in small high-transmission hot spots.
  • San Juan City Mayor Zamora confirmed to CNN that the NCR will be placed under a relaxed General Community Quarantine from Wednesday through the end of the month, with only certain areas like "streets, compounds, or households" left in lockdown.
  • Coming up on the data front we have Philippine unemployment and CPI data (Tuesday) as well as the latest trade report (Thursday).