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Peso Softens, Broader Risk Dynamics In Play

PHP

Spot USD/PHP has crept higher in the wake of overnight developments related to the Russia/Ukraine crisis. The pair sits +0.067 at PHP51.457, with topside focus still falling on key resistance from PHP51.500. Conversely, a slide through Feb 10 low of PHP51.210 would allow bears to set their sights on Feb 3/Jan 5 lows of PHP50.920/50.900.

  • USD/PHP 1-month NDF last +0.040 at PHP51.580. Bulls look to a move through Jan 18 high of PHP51.950, while bears keep an eye on Feb 16 low of PHP51.210.
  • The Metro Manila Development Authority (MMDA) said that NCR mayors will announce their recommendation on the next alert level in the capital region today, after consulting data and reports re: on the ground situation. Health Sec Duque earlier said that Metro Manila could be moved to Alert Level 1, adding that the Philippines wants to vaccinate 80% of the vulnerable population before lowering its alert levels.
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