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Philippines Reports Largest Increase In Covid Cases Since April

PHP

Spot USD/PHP has edged higher this morning and last trades +0.017 at PHP50.485. A clean breach of the PHP50.000 mark would give bulls a green light for targeting May 18, 2020 high of PHP50.906. Bears keep an eye on Aug 4 low of PHP49.605.

  • USD/PHP 1-month NDF last seen +0.060 at PHP50.760. Topside focus falls on Aug 6 high of PHP50.870, while bears look for a slide through Aug 11 low of PHP50.210.
  • The Philippines reported 14,749 on Sunday, the largest daily case count since the beginning of April. OCTA Research Group warned that they expect daily cases to continue rising this week, adding that they estimate that the virus reproduction rate in the National Capital Region is at 1.90.
  • The Philippine Star cited Pres Duterte's senior ally as noting that they are conducting in-depth research to convince Duterte's daughter Sara to run for presidency in 2022.
  • Philippine overseas cash remittances are expected to hit the wires in the coming days, there is no fixed time of the release.
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