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Peso Supported By GDP Data, Looser Covid Rules For Metro Manila On The Table

PHP

The peso has remained afloat after the release of upbeat Q3 GDP out of the Philippines yesterday.

  • BSP Gov Diokno signalled the central bank's patient stance, as policymakers want to "support the economy's full recovery."
  • It seems that Davao City Mayor Sara Duterte might run in the 2022 presidential election after she dropped her re-election bid yesterday.
  • Worth noting that Health Sec Duque suggested that Metro Manila could move into Alert Level 1 if the nationwide daily count of Covid-19 cases falls below 1,000.
  • Spot USD/PHP last trades -0.084 at PHP50.021. A fall through Sep 16 low of PHP49.715 would turn bearish focus to Aug 31/Sep 3 lows of PHP49.660/49.659. Bulls look for a clearance of PHP50.620, which capped gains on Nov 4 & 5.
  • USD/PHP 1-month NDF last seen -0.140 at PHP50.140. Bears keep an eye on the PHP50.000 figure, followed by Sep 15 low of PHP49.730. Bulls would be pleased by a rebound above Nov 3 & 4 highs of PHP50.920.
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