USD/PHP Bounces Off 100-DMA

The 100-DMA limited USD/PHP sales yesterday and the rate has edged away from there this morning. It last trades +0.045 at PHP48.360.

• A rally above the 200-DMA at PHP48.552 would please bulls, opening up Apr 8 high of PHP48.650. Bears need a dip through the 100-DMA at PHP48.276 to get some fresh impetus.
• The Philippine weather bureau raised Tropical Cyclone Wind Signal no. 2 in parts of Cagayan and Isabela, as Super Typhoon Surigae (Bising) approaches the Philippines' eastern regions.
• Pres Duterte defended his decision to lower tariff on pork imports after a group of senators protested the move. The Philippine Star quoted him as noting that "the managers of my departments believe that in the end, if the domestic market becomes stronger and there is movement, we can always withdraw the Executive Order."
• Philippine Foreign Sec Del Rosario urged Pres Duterte to "reject this Chinese narrative of war, because it is intended to scare countries to submit to China's will of illegally occupying the South China Sea," and pushed for using diplomatic tools to resolve the stand-off.
• We are still on the lookout for Philippine overall BoP data, expected by the end of this week.