Research Advise Gradually Easing Curbs In Metro Manila

Spot USD/PHP is virtually unchanged vs. where it closed on Tuesday. The rate last sits +0.015 at PHP48.158, after extending its winning streak to five days yesterday.

• Bulls see the 100-DMA at PHP48.266 as their initial target and a break here would open up Apr 28 high of PHP48.475. Conversely, a retreat under May 19 low of PHP47.769 would allow bears to regain poise.
• USD/PHP 1-month NDF trades +0.040 at PHP48.270 at typing. A move through the 100-/200-DMAs at PHP48.401/48.406 would please bulls. On the downside, initial focus falls on May 20 low of PHP47.840, followed by May 14 & 17 cycle lows of PHP47.820.
• Philippine budget deficit narrowed to PHP44.4bn in Apr from PHP273.9bn a year ago. The YtD deficit was PHP365.9bn in April vs. PHP360.0bn seen over the same period in 2020.
• OCTA Research Group said Tuesday advised that the gov't could gradually relax restrictions in Metro Manila, as the Covid-19 situation continued to improve.
• Tourism Sec Romulo-Puyat said that the DoT has drafted plans to allow fully vaccinated overseas Filipino workers (OFWs) and foreign visitors to quarantine for 7 rather than 14 days upon their arrival in the Philippines.
• Nothing much left on the local economic docket this week.