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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
PHP
Spot USD/PHP last trades -0.014 at PHP48.110, comfortably within the confines of Friday's range. Bears look for looses past PHP48.083, which limited losses Friday, followed by the PHP48.000 mark. Bulls need a move through the 100-DMA at PHP48.287 before taking aim at Apr 28 high of PHP48.475.
- Local manufacturing sector slipped into contraction in April, per the latest Markit PMI survey. Accompanying commentary noted that "tightening restrictions led to another round of factory and business closures, with output particularly hard-hit," while "labour force cuts extended into the second quarter of 2021."
- Trade Sec Lopez revealed that the gov't is looking into a PHP24bn wage subsidy plan for businesses hit by the Covid-19 pandemic. The programme would prioritise small companies and could involve monthly subsidies of PHP8,000 per worker delivered for three months.
- The Dept of Health said they look to inoculate five priority groups (frontline workers, people with comorbidities, seniors, indigent population) by mid-year and reiterated commitment to the target of 70mn vaccinated Filipinos by Nov/Dec.
- Meanwhile, OCTA Research said new Covid-19 cases in the NCR+ bubble continued to decline last week.
- Philippine CPI hits the wires Wednesday, unemployment comes out Thursday, while trade balance is due Friday. In addition, money supply & bank lending data are expected this week.
- With inflation data coming up this week, BSP Gov Diokno said April CPI will likely print within the +4.2%-5.0% Y/Y range.
Fig. 1: Philippines Markit Manufacturing PMI
Source: MNI - Market News/Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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