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Philippines Expects Vaccine Supply To Normalise

PHP

Spot USD/PHP last trades -0.013 at PHP47.722, holding a relatively tight range today. Bears see Jun 8 low of PHP47.640 as their initial target and a break here would shift focus to Jun 1 low of PHP47.615. Bulls eye Jun 4 high of PHP47.882 for initial resistance.

  • USD/PHP 1-month NDF last sits -0.040 at PHP47.790. Bears look for a dip through Jun 7 low of PHP47.670, while bulls look to take out Jun 8 high of PHP47.930.
  • Philippine Covid-19 task force chief Galvez said backed the call of the League of Cities to designate other high-risk localities outside of "NCR+8" as priority recipients of Covid-19 vaccines.
  • Galvez also said that the supply of vaccines will "normalise" by Jun 14, with around 3.2mn of Pfizer & Sinovac jabs due to arrive today.
  • BSP said that the Philippines' FDI rose 139.5% Y/Y in March, with Q1 FDI growth seen at +45.1% Y/Y.
  • Nothing much left on the local docket this week.

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