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USD/PHP Pulls Back From Two-Month Highs

PHP

Spot USD/PHP showed above its 50-DMA yesterday and printed its , but failed to hold onto those gains and retreated back under the aforementioned moving average this morning. The rate last operates -4 pips at PHP48.08.

  • Philippine PPI fell 2.4% Y/Y in Dec, per the latest update from the Philippine Statistics Authority, after sliding 3.2% in Nov.
  • BBG reported that Philippine food maker Monde Nissin is weighing a potential $1.0bn IPO and could target listing as soon as this year.
  • In case it slipped under the radars: Philippine Daily Inquirer reported yesterday that some "provinces will revert from the lenient modified general community quarantine (MGCQ) to the more stringent GCQ in February."
  • Bearish focus remains on the key PHP48.00 figure, which has limited losses since early Dec. Conversely, a break above yesterday's high of PHP48.15 would provide some impetus for the bulls, allowing them to target the 100-DMA at PHP48.28.
  • Philippine Markit M'fing PMI comes out on Monday, with CPI data due next Friday.

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