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Peso Firms, Looks Through Covid Risk

PHP

Spot USD/PHP has gone offered and last sits -0.100 at PHP51.210. Bears look for further losses past Jan 5 low of PHP50.900, while bulls keep an eye on Jan 10 high of PHP51.440. A breach of the latter level would expose Mar 18 high of PHP51.823.

  • USD/PHP 1-month NDF last seen -0.060 at PHP51.540. On the downside, Dec 31 low of PHP51.090 provides the initial layer of support. On the flip side, bulls look to a move through Jan 4 high of PHP52.140.
  • Health Sec Duque warned that the Philippines is now at "critical risk" for Covid-19, following a rapid surge in daily cases over the recent weeks.
  • Philippine trade deficit widened more than expected to $4.706bn in November from $4.019bn previously. Both exports and imports grew faster than forecast.
  • Looking ahead, the monthly report on overseas remittances is expected to hit the wires early next week.
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