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Peso Retreats

PHP

Spot USD/PHP reopened sharply higher, breaking above its 50-DMA. The rate operates +0.215 at PHP50.640, with bulls looking to a move through Oct 22 high of PHP50.907 towards Sep 27 high of PHP51.036. Conversely, a pullback under Nov 19 low of PHP50.220 would expose Nov 15 low of PHP49.775.

  • USD/PHP 1-month NDF last +0.110 at PHP50.720. Bulls look for a breach of Nov 3 & 4 highs of PHP50.920, while bears keep an eye on Nov 12 low of PHP49.820.
  • Pres Duterte insisted that he remains member of PDP-Laban even as he runs for senator as a candidate of PDDS, which he described as a "political strategy." He pledged to campaign for the ruling party's candidates, as "PDP-Laban and PDDS are one."
  • OCTA Research Group said that daily Covid-19 cases may drop to 500by year-end, if efforts are made to sustain the current trends.
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