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Spot USD/PHP continues to lose altitude after breaking below the PHP48.000 mark for the first time since Feb earlier this week. The rate last operates -0.083 at PHP47.887, hitting worst levels in nearly three months.
- The 61.8% retracement of the YtD rally, which limited losses yesterday, has given way and downside focus moves to the 76.4% Fibo level at PHP47.751, followed by Feb 16 low of PHP47.721. Conversely, a rebound above May 5 high of PHP48.133 would give bulls some reprieve.
- 1-Month NDF last sits at PHP48.040 after bottoming out at PHP47.990 yesterday. A clean breach of the PHP48.000 mark would open up Feb 15 low of PHP47.890. Bulls keep an eye on May 5 high of PHP48.260.
- The Dept of Health said that the Indian variant of coronavirus has not yet been detected in the Philippines, even as five travellers coming from India returned positive tests for Covid-19.
- Revised legislation on pork import tariffs and minimum access volumes awaits signature from Pres Duterte, after Senators and economic managers reached compromise on the matter.
- Philippine trade deficit narrowed to $2.413bn in March from the revised $2.711 recorded in February, while both imports and exports considerably topped expectations.
- Next week, focus turns to Q1 GDP (Tuesday) & BSP MonPol decision (Thursday).
Fig. 1: Philippines Exports Y/Y (%)
Source: MNI - Market News/Bloomberg