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Peso Slips Further As NCR COVID Tally Climbs

PHP

Fresh gains for spot USD/PHP allowed the pair to lodge fresh cycle highs at PHP53.403. The rate last deals +0.110 at PHP53.357, with bulls looking for gains towards the PHP53.500 mark. Meanwhile, bears would be pleased by a pullback under the psychologically significant PHP53.000 figure, which provided a layer of resistance before.

  • USD/PHP 1-month NDF last +0.030 at PHP53.520. Topside focus falls on Jun 14 high of PHP53.630, while bears keep an eye on Jun 13 low of PHP53.000.
  • There is a sense of concern about rising COVID-19 cases in Metro Manila. OCTA Research warned on Tuesday that daily infections could reach up to 500 by the month-end and called for reconsideration of flexible work arrangements. Meanwhile, a presidential adviser pushed back against raising the Alert Level in the National Capital Region unless hospitalisations pick up.
  • Overseas remittances data is expected to hit the wires later this week.

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