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USD/PHP Continues To Hover Above PHP48.00

PHP

Spot USD/PHP consolidates just above the PHP48.00 mark, last sits -4 pips at PHP48.02. A break under Dec 28 low/round figure of PHP48.01/00 would clear the way to Oct 20, 2016 low of PHP47.95. Bulls look for a rebound above Dec 22 high of PHP48.13, which would open up the 50-DMA at PHP48.25.

  • On Monday, the Philippines extended restrictions on movement in Metro Manila through the end of the next month.
  • Elsewhere, Philippine Pres Duterte has given a nod to a record PHP4.5tn budget for 2021.
  • Philippine Food and Drug Administration Director General said that the country has approved Janssen Pharmaceutical's application to begin clinical trials of its Covid-19 jab in the Philippines.
  • Money supply/bank lending data is due out of the Philippines today.
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