USD/PHP has trimmed earlier losses and...>

DOLLAR-PHP: USD/PHP has trimmed earlier losses and last sits atPHP49.82, just a

pip below neutral levels. BSP Gov Diokno said that the central bank plans small

volume on the initial issuance of its own securities.

- Philippine Health Sec Duque & Fin Sec Dominguez appeared at a briefing with

Pres Duterte, noting that Metro Manila will see a further easing of

restrictions, which will help restart the economy. The city of Cebu will remain

under strict lockdown, as it struggles to contain local spread of infections.

- Local Markit M'fing PMI improved to 49.7 from 40.1, failing to return into

expansion. IHS Markit commented that although looser restrictions have helped

the sector, "many firms did remain closed or opeated at much lower capacity".

- The rate printed a fresh multi-year low yesterday and bears look for losses

past that level, located at PHP49.75. This would open up the low of Jan 5, 2018

at PHP49.69. Conversely, should the round figure resistance at PHP50.00 give

way, bulls could target PHP50.25, the peak of Jun 23.