Peso Holds Familiar Range, Philippines To Start Receiving Covid Vaccines

Spot USD/PHP consolidates near recent highs as Philippine markets reopen after a public holiday. The rate has been happy to hug Wednesday's range and trades close to its mid-point, last at PHP48.675.

• Philippine vaccine czar Galvez suggested that Manila will prioritise vaccine supply over price, as he noted that "we are negotiating to have early deliveries, even if the vaccines will be slightly more expensive."
• Worth noting that the Philippines is the only country in Southeast Asia, which has not received any Covid-19 jabs yet. The first batch is expected to arrive on Sunday.
• Pres Duterte said that he wanted to "hear the people" before making a decision on the abrogation of the Visiting Forces Agreement with the U.S.
• A break above Feb 23 high of PHP48.755 would reignite bullish momentum, shifting topside focus to the 200-DMA at PHP48.871. Bears look for a retreat under Feb 24 low of PHP48.573, which would expose Feb 19 low of PHP48.395.
• Philippine Tsy will release budget balance later today, while BSP is set to release bank lending and money supply data.
• Looking ahead, Markit M'fing PMI comes out on Monday, with CPI due Friday.