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Philippines Downgrades Covid-19 Risk Assessment As Daily Cases Ease

PHP

Spot USD/PHP trimmed its initial gains and trades +0.030 at PHP51.390 as we type. Initial topside focus falls on PHP51.500, a level associated with recent BSP interventions, but the rate is unlikely to break above there unless significant buying pressure emerges. Bears look for a retreat through Feb 10 low of PHP51.210 towards Feb 3/Jan 5 lows of PHP50.920/50.900.

  • USD/PHP 1-month NDF last +0.040 at PHP51.520. Bulls see Feb 8 high of PHP51.780 as their initial target, with bears keeping an eye on Feb 1 low of PHP50.830.
  • Health Sec Duque confirmed that the Philippines' Covid-19 risk classification has been downgraded to "low" from "moderate" as daily cases eased.
  • Overseas cash remittances data is expected at some point today (there is no fixed time of the release).
  • Later this week, focus will move to a monetary policy meeting of Bangko Sentral ng Pilipinas, who are all but certain to keep interest rates steady.
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