USD/PHP has shed 4 pips and last.........>

DOLLAR-PHP: USD/PHP has shed 4 pips and last operates at PHP49.51, with marginal

USD weakness likely adding some weight to the pair. A dip through Jul 7 low of

PHP49.33 would mark the resumption of a broader downtrend. Meanwhile, bulls look

for a jump above Jul 8 high of PHP49.63 before targeting Jul 2 high of PHP49.88.

- Worth recapping yesterday's comments from BSP Gov Diokno, who said that the

central bank is not yet draining liquidity injected earlier into the market.

- Elsewhere, Pres Duterte's spokesman said that Metro Manila will remain under

some movement restrictions for now, but in case of a spike in Covid-19 cases it

would be moved into a stricter lockdown.

- After hours yesterday, Moody's affirmed the Philippines at Baa2, leaving the

outlook at stable.