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Officials To Review Covid Alert Settings Thursday

PHP

Spot USD/PHP re-opened higher before trimming some gains, it last changes hands +0.005 at PHP51.305. A firm push through the PHP51.500 mark would generate fresh bullish momentum, bringing Mar 18, 2020 high of PHP51.823 into view. Bears need a fall through Jan 12/5 lows of PHP50.955/50.900 to regain poise.

  • USD/PHP 1-month NDF last seen -0.010 at PHP51.460. Bears look for a sell-off past the 50-DMA at PHP50.814, while bulls keep an eye on Jan 18 high of PHP51.950.
  • The Philippine Daily Inquirer reported that the Covid-19 task force will meet on Thursday to debate Alert Level settings. Health Secretary said that Metro Manila is ready to move into Level 2 from 3, echoing the previously cited guidance from OCTA Research Group.
  • All eyes are on the Philippines Q4 GDP & December trade report, both due for release this Thursday.

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