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DOLLAR-PHP: USD/PHP has been well bid today, with focus on the spreading
coronavirus. The rate has played catch-up to risk-off flows seen after the WHO
declared Covid-19 a global pandemic after hours Weds. Local news add pressure to
the peso. Philippine Finance Sec Dominguez, Transport Sec Tugade and BSP Gov
Diokno went on self-quarantine after having contact with an infected person,
while Pres Duterte is due to undergo a test. BBG cited Duterte's spokesman as
pointing to a meeting of an emergency taskforce, scheduled for today to discuss
possible measures to tackle the outbreak. Several key agencies, including the
central bank, finance dept, Senate & Asian Development Bank are closed for
cleaning today after being visited by people diagnosed with the coronavirus.
- USD/PHP has cleared its 50- & 100-DMAs & last trades +33 pips at PHP50.88.
Bulls look for a break above the Mar 2 high of PHP51.07, which would expose the
Feb 26 peak at PHP51.13. Bears look for a pullback under the 100-DMA (PHP50.81)
& 50-DMA (PHP50.76), towards yesterday's monthly low at PHP50.46.
- On the data front, Philippine budget balance comes out on Friday. Worth
flagging in advance that BSP holds a MonPol meeting next Thursday.