Peso Holds Tight Range, Familiar Themes In Play

Spot USD/PHP re-opened near neutral levels and last trades just shy of there, at PHP48.440. Bears need a dip through Apr 6 low of PHP48.319 before targeting Feb 17 low of PHP48.281. The 200-DMA, today at PHP48.579, provides the key layer of resistance and a break here would open up Apr 8 high of PHP48.650.

• Philippine Dept of Trade & Industry said that the two-week lockdown in the NCR+ bubble has cost the economy around PHP180bn.
• Pres Duterte signed an order lifting moratorium on granting new mining contracts in a bid to boost revenue.
• The presidential spokesman informed that Diokno wants to speak with Indian PM Modi about potential supply of Covid-19 vaccines, but the meeting is yet to be scheduled.
• The National Economic and Development Authority said that the President's decision to increase pork imports and lower tariffs will not destroy domestic hog industry, but should secure adequate food supply.
• BSP Gov Diokno said that the central bank would like lenders to operate satellites for Internet access to increase the reach of financial services in the countryside.
• Philippine overall BoP for the month of March is due this coming Monday.