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Free AccessUSD/PHP has been well bid today, with....>
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.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.