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Peso Holds Steady Despite Risk Of Tighter COVID Rules In Metro Manila

PHP

Spot USD/PHP trades at PHP53.285, little changed on the day, with bulls looking to a move through Nov 12, 2018 high of PHP53.315 before taking aim at the PHP53.500 figure. Bears look for a pullback towards PHP53.000 & PHP52.500 marks, which provided layers of resistance before.

  • USD/PHP 1-month NDF last -0.050 at PHP53.510. The extremes of yesterday's range at PHP53.600 & PHP53.000 provide the initial technical levels of note.
  • OCTA Research warned that COVID-19 situation in the National Capital Region is escalating to "moderate" risk amid a steady rise in new cases. But the Department of Health said Metro Manila will not yet be promoted to Alert Level 2, which would entail stricter virus countermeasures, but such decision might be taken if cases continue to rise. Elsewhere, one lawmaker flagged the risk of aggravating the food situation in the capital region if the authorities decide to press ahead with tighter restrictions.

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