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Peso Falters Amid Risk-Off Mood

PHP

Spot USD/PHP has crept higher in tandem with most USD/Asia crosses. It last deals +0.073 at PHP51.433, with bulls looking to a clearance of PHP51.500, which capped gains on Jan 19/20. Above there opens Mar 18, 2020 high of PHP51.823. Bears look for a pullback through Jan 12/5 lows of PHP50.955/50.900 with a view on a deeper sell-off.

  • BSP Gov Diokno said Thursday that he expects the peso to "reflect the economy's long-run macroeconomic fundamentals."
  • The Presidential Palace raised the Covid-19 Alert Level to 4 in four provinces and to 3 in 15 more areas. The new settings will be in force through the month-end.
  • Looking ahead, the Philippine Statistics Authority will publish Q4 GDP and December trade data next Thursday.
MNI London Bureau | +44 203-865-3806 | krzysztof.kruk@marketnews.com
MNI London Bureau | +44 203-865-3806 | krzysztof.kruk@marketnews.com

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