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Spot USD/PHP reopened above the 50-DMA this morning, but has returned below that moving average since. The rate last sits +0.045 at PHP48.075, with bears looking for further losses past Jun 11 low of PHP47.685. On the flip side, a jump above May 27 high of PHP48.185 would open up Apr 28 high of PHP48.475.
- USD/PHP 1-month NDF trades flat at PHP48.170. A clean break above the 50-DMA at PHP48.186 would expose May 25 high of PHP48.310. Meanwhile, bears keep an eye on Jun 7 cycle low of PHP47.670.
- Bangko Sentral Pilipinas rose 12.7% Y/Y to +$2.305bn in April, missing expectations of a 19.3% annual growth.
- Philippine College of Physicians Vice Pres denied recent statements from the Dept of Health and said that ICU beds in the NCR+ bubble are full, adding that the number of critical cases is rising.
- Philippine overall BoP is expected to hit the wires by the end of this week.