Free Trial

Peso Firms A Tad Amid Light News Flow

PHP

Spot USD/PHP little changed on the day, last sits -0.030 at PHP48.125. A break above the 100-DMA at PHP48.267 would open up Apr 28 high of PHP48.475. On the flip side, a retreat under May 19 low of PHP47.769 would please bears.

  • USD/PHP 1-month NDF sits -0.040 at PHP48.220. May 14 & 17 lows of PHP47.820 provide the initial layer of support. On the topside, focus falls on May 25 high of PHP48.310, followed by the 100-DMA at PHP48.401.
  • Philippine BoP turned into a surplus of $2.61bn in Apr from a $73mn deficit recorded in Mar.
  • The Daily Inquirer cited Metropolitan Manila Development Authority (MMDA) chief as noting that regional mayors want Covid-19 restrictions eased further.
  • The Philippine Star noted that "several meat processors confirmed yesterday having reduced their production amid the tight supply of raw materials and high prices from available sources".
  • The DoH said that 85% of health workers have been vaccinated against Covid-19
  • The local economic docket is virtually empty during the remainder of this week.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.