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Peso Gains After Government Eases Curbs In Metro Manila

PHP

Spot USD/PHP has lost some altitude after the Philippines' Covid-19 task force gave a nod to relaxing curbs in several localities. The rate last changes hands -0.055 at PHP51.175, with bears looking for losses past Jan 12/5 lows of PHP50.955/50.900. Conversely, a clean break above the PHP51.500 mark is needed to reinstate bullish momentum.

  • USD/PHP 1-month NDF last seen +0.030 at PHP51.310. Bulls look to a clearance of Jan 18 high of PHP51.950, while bears keep an eye on the PHP50.500 figure.
  • Officials approved moving Metro Manila to Covid-19 Alert Level 2 from 3, effectively loosening restrictions in the area, as daily cases eased. The provinces of Batanes, Bulacan, Cavite, Rizal, Biliran, Southern Leyte and Basilan will also be placed under Alert Level 2.
  • The Philippines' Markit M'fing PMI will hit the wires on Wednesday, but the main focus this week will fall on January CPI, due for release this Friday.

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