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Philippines Allow Some Businesses To Partially Resume Operations

PHP

Spot USD/PHP has shrugged off the recent formation of a golden cross and extended losses this morning, punching through support from its 100-DMA. The rate last changes hands -0.150 at PHP48.145.

  • Philippine businesses got some mild reprieve, following yesterday's decision to extend lockdown in the capital region. Presidential spokesman said that restaurants, barbershops or beauty salons in areas under MECQ will be allowed to resume indoor services on limited capacity.
  • The National Task Force Against Covid-19 said it wants to start vaccinating the general population by Q3, eyeing an inoculation rate of 500,000 doses/day.
  • Overall Philippine BoP came out yesterday, with deficit shrinking to $73mn from $2.019bn.
  • Philippine money supply & bank lending data are due today, there are no fixed times of the releases.
  • Next week's highlights include Markit M'fing PMI (Monday), CPI (Wednesday), unemployment (Thursday) & trade balance (Friday).
  • Initial downside focus falls on the PHP48.000 mark, while bulls look for a rebound above Apr 28 high of PHP48.475.

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