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Spot USD/PHP has caught a light bid today, rising past last week's high, in a delayed reaction to the greenback's gains seen after onshore Philippine markets closed last Friday. The rate last operates +0.100 at PHP47.800.

  • From a technical point of view, bulls need a clearance of Jun 4 high of PHP47.882 would shift focus to the 50-DMA, which intersects at PHP48.101. Conversely, a dip through Jun 8 low of PHP47.640 would open up Jun 1 low of PHP47.615.
  • USD/PHP 1-month NDF last +0.030 at PHP47.870. A move through Jun 8 high of PHP47.930 would expose Jun 2 high of PHP47.980. On the flip side, bears look for a slide past Jun 7 low of PHP47.670.
  • Senator Drilon said that he will be seeking transparency over the gov't's pricing of Covid-19 jabs. CNN Philippines reported that "the Senate Committee of the Whole will resume its hearing to raise questions on the budget allocation for the pandemic response, following the request of Budget Secretary Wendel Avisado to add PHP25 billion more on top of the PHP82.5 billion already intended for the purchase of COVID-19 vaccines under the Bayanihan to Recover as One Act or Bayanihan 2".
  • Philippine overall BoP & overseas remittances are expected to be released at some point this week.