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Peso Happy To Hold Tight Range

PHP

Spot USD/PHP has been rangebound, last trades flat at PHP48.06. A break above Jan 11 high of PHP48.13 is needed to inspire hopes for further gains past the 50-DMA/23.6% retracement of the Oct 16 - Dec 28 slide at PHP48.15/17. Initial support is provided by Dec 28 low/round figure of PHP48.01/00 and a break here would bring Oct 20, 2016 low of PHP47.95 into view.

  • Philippine FDA has given a nod to the Pfizer/BioNTech Covid-19 vaccine, with approval for the Sinovac jab still pending, subject to the submission of further clinical trial reports.
  • As a reminder, BSP Gov Diokno said Wednesday that the economy enjoys ample liquidity and there may be no need to cut lenders' RRR at the moment.
  • Focus moves to Philippine overseas remittances data, due tomorrow.

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