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Omicron Spread Continues To Sap Strength From PHP

PHP

The peso is struggling to find any strength, as the Omicron variant continues to penetrate the country at an ever-faster pace. Daily Covid-19 cases hit a fresh all-time high (28,707) over the weekend, topping the peak of last year's wave of Delta infections. More than half of ICU beds in the capital are occupied, prompting the Cabinet to pledge to free up more hospital beds in Metro Manila.

  • Spot USD/PHP last seen +0.025 at PHP51.380, after printing its best levels since 1Q2020. Bulls set their sights on Mar 18, 2020 high of PHP51.823, a key resistance level. Bears look for a retreat under Jan 5 low of PHP50.900.
  • USD/PHP 1-month NDF last changes hands +0.110 at PHP51.850. Bulls look to a rally above Jan 4 high of PHP52.140, while bears would be pleased by a fall through Dec 31 low of PHP51.090.
  • The Philippines' trade balance will be published on Tuesday. The report provides the only point of note on the local data docket this week.
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