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Peso Gains On Expected Loosening Of Covid Rules In Metro Manila

PHP

Spot USD/PHP dipped this morning after Philippine Econ Planning Chief Chua said Thursday that the Philippine economy has "strong potential" for growth in Q3 amid looser Covid-19 rules. Chua noted that should Metro Manila be moved to Alert Level 2 from Level 3, around PHP3.6bn will be injected into the national GDP each week and some 16,000 jobs will be recovered. He reiterated that the economy will only return to pre-pandemic growth path in a decade.

  • The Philippine College of Physicians said this morning that Metro Manila may be moved to Alert Level 2 as Covid-19 cases continue to decline. With the current Level 3 set to expire on Sunday, the Philippine Covid-19 task force are expected to announce the level to which Metro Manila will lake up on Monday as soon as today.
  • Participants look ahead to the release of Philippine Markit M'fing PMI (Wednesday), unemployment (Thursday) as well as CPI & trade balance (Friday) next week.
  • Spot USD/PHP last trades -0.085 at PHP50.630. Bears look for losses past Oct 14 low of PHP50.537 towards the 50-DMA/Oct 8 low at PHP50.409/50.385. Bulls would be pleased by a jump above round figure/Sep 27 high of PHP51.000/51.036.
  • USD/PHP 1-month NDF last seen +0.030 at PH50.720. Bulls keep an eye on Oct 18 & 19 highs at PHP51.080, followed by Sep 27 high of PHP51.520. Bears set their sights on the 50-DMA/Oct 7 low at PHP50.523/50.490.
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