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Peso Holds Tight Range, Philippines & China Pledge Closer Cooperation

PHP

Spot USD/PHP trades flat at PHP48.07 as we type, struggling for any clear direction. It continues to hover within touching distance from the PHP48.00 mark, reluctant to attack the level. A move through there would bring Oct 20, 2016 low of PHP47.95 into play. Bulls need a clearance of Dec 22 & Jan 11 highs/50-DMA at PHP48.13/14 to gain a fresh impetus.

  • China's Foreign Min Wang met with his Filipino counterpart Locsin & Pres Duterte and announced that China will supply 500,000 doses of its Covid-19 jab to the Philippines. Wang also pledged that China will boost infrastructure investment in the Philippines, starting with a CNY500mn grant for infrastructure projects.
  • The Philippines will release its trade report for the month of December on Thursday.

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