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Peso Looks Through Domestic Covid Situation

PHP

Spot USD/PHP has respected yesterday's extremes so far. The rate last sits -0.030 at PHP51.025, with bears setting their sights on Jan 12 low of PHP50.955, followed by Jan 5 low of PHP50.900. Conversely, bulls need a rally past Jan 10 high of PHP51.440 to gain some fresh momentum.

  • USD/PHP 1-month NDF last -0.060 at PHP51.210. Bears eye Jan 12 low of PHP50.860 for initial support, while bulls look to a rebound above Jan 4 high of PHP52.140.
  • The daily Covid-19 case tally hit a fresh all-time high of 34,021 on Thursday, with the current wave of infections driven by the highly transmissible Omicron variant, with officials scrambling to slow the spread of the virus.

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