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DOLLAR-PHP: USD/PHP has retreated amid a broader risk-on environment, linked to
the well-documented announcement from the Fed, U.S. agreement for domestic firms
to take part in standard-setting with Huawei and a BBG report noting that the
Trump administration is preparing a $1tn infrastructure spending package.
- BSP Gov Diokno said today that he peso's move doesn't bother policymakers as
the currency remains "in the lower range of our assumption". He added that
excess liquidity will not push prices higher and 2020 inflation should print
closer to the lower bound of the 2-4% target.
- Meanwhile, the Philippine capital loosened its lockdown restrictions today and
will remain under a "general community quarantine" until Jun 30. That being
said, Cebu City in the central part of the country has reinstated strict
lockdown measures to sever local community transmission of Covid-19.
- With USD/PHP sitting -25 pips at PHP50.11, bears look for a deeper sell-off,
past Jun 8 low of PHP49.80. Bulls need a rebound above Jun 15 peak at PHP50.38
before taking aim at PHP50.52, the 50-DMA.
- Philippine BoP data hits the wires on Friday.