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Peso Softens Despite Improvement In Local Covid Situation

PHP

Spot USD/PHP changes hands +0.025 at PHP50.365. Bulls look to a break above Nov 26 high of PHP50.558 before taking aim at Nov 22 high of PHP50.765. Bears would be pleased by a pullback under Dec 9 low of PHP50.198 towards Nov 15 low of PHP49.775.

  • USD/PHP 1-month NDF unch. at PHP50.460. Bears keep an eye on Nov 12 low of PHP49.820, while bulls look to a jump above Dec 2 high of PHP50.700.
  • OCTA Research Group said that the nationwide Covid-19 situation has improved amid a further dip in cases detected in the National Capital Region.
  • Bangko Sentral ng Pilipinas will deliver their monetary policy decision on Thursday. They will almost certainly keep the Overnight Borrowing Rate unchanged.

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