FREELAND: CANADA WON'T ESCALATE OR BACK DOWN ON US TRADE FIGHT

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

EZ/UK T-Bill Calendar: 8/13/28/50-Week BTF Auction on Monday

EZ/UK Bond Supply Calendar: 4.125% Jul-29 Gilt Due on Tuesday

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Peso Loses Shine, Covid Worry Lingers

PHP

Spot USD/PHP trades +0.110 at PHP51.065, clawing back some of yesterday's surprising gains, as the local Covid-19 situation inspires reassessment of the Philippines' recovery outlook. Bulls look for a clean break above yesterday's high of PHP51.300, a multi-month peak. Conversely, bears keep an eye on yesterday's low of PHP50.900, followed by the 50-/100-DMAs at PHP50.415/50.401.

  • USD/PHP 1-month NDF last seen +0.060 at PHP51.490. Bulls look to a clearance of Jan 4 cycle high of PHP52.140, while bears seek a retreat under Dec 31 low of PHP51.090.
  • BSP Gov Diokno denied that the central bank intervened to shore up the peso Wednesday. The Governor was answering a question on peso appreciation, which occurred despite a notable miss in the latest reading of CPI inflation.
  • The upsurge in the Philippines' daily Covid-19 case count provides a source of concern. The national Covid-19 task force announced that Laguna will move to Alert Level 3 from Jan 7 to 15 "due to the rising number of Covid-19 cases."
  • Participants look to the release of monthly labour market data out of the Philippines this Friday.
BulletEM BulletEmerging Market NewsHomepage
BulletEM BulletEmerging Market NewsHomepage

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.