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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.
PHP
Spot USD/PHP re-opened lower, despite a broadly firmer USD & fresh Covid-19 curbs imposed by Philippine authorities over the weekend. There has been speculation that the new restrictions may weigh on imports, which might be supporting the peso today. The pair last trades at PHP48.586, slightly below neutral levels.
- The gov't imposed restrictions on travel into/out of the Manila region for the two weeks between Mar 22 - Apr 4. Metro Manila as well as Bulacan, Cavite, Laguna & Rizal will form a "bubble," with residents allowed to move freely within but not outside it. In addition, religious gatherings and indoor dining within the bubble will be prohibited.
- The OCTA research group warned that if Covid-19 infections continue to spread at the current pace, medical frontliners could be overwhelmed as soon as in the first week of Apr.
- Filipino Foreign Affairs Sec Locsin protested the entry of 220 Chinese fishing vessels into a part of the South China Sea which Manila claims to be its exclusive economic zone.
- BSP said last Friday that the current account surplus is expected to narrow this year after hitting $13bn in 2020. The central bank also said that income from foreign visitors fell 91% Y/Y to $83.4mn in Dec.
- Philippine BoP data is due at some point this week, while budget balance comes out on Friday.
- Thursday will see the latest monetary policy decision from the BSP, with interest rates expected to remain on hold.
- Bears look for losses past Mar 12 low of PHP48.370, which would clear the way to Feb 17 low of PHP48.281. Bulls see the 200-DMA at PHP48.713 as the key near-term resistance, after that moving average capped gains during the last three sessions.
Fig. 1: Philippines Confirmed Covid-19 Cases
Source: MNI - Market News/Bloomberg
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.
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