July 21, 2022 01:15 GMT
Spot USD/PHP last deals +0.045 at PHP56.355, familiar technical targets remain in focus. Bulls look for gains towards PHP56.500, a record high. Bears keep an eye on Jun 29 low of PHP54.600.
- USD/PHP 1-month NDF last seen +0.070 at PHP56.490. On the topside, all eyes are on key resistance from the all-time high of PHP56.740. Bears look for a retreat towards Jun 28 low of PHP54.740.
- OCTA Research said that COVID-19 may be drawing to an end in Metro Manila, where most key parameters are peaking or have already peaked. However, the research group stressed that this does not apply to other areas, flagging differentiation in infection dynamics.
- Looking ahead, the Treasury will release data on the Philippines' budget balance tomorrow. The new administration is looking at a task of consolidating public finances, but there are concerns about the impact of these efforts on the ongoing economic recovery.