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USD/PHP sits -9 pips at PHP50.95. The....>

DOLLAR-PHP
DOLLAR-PHP: USD/PHP sits -9 pips at PHP50.95. The rate hovers just above its
100-DMA at PHP50.92. A break below there would bring the 50-DMA at PHP50.77 into
play. Conversely, bulls need to take out yesterday's high of PHP51.13 to resume
the uptrend. Above would clear the way to the Jan 8 high & 38.2% retracement of
the Aug 15 - Jan 14 slide at PHP51.23.
-  The Philippines reported local budget balance today, with a surge in
expenditures underpinning a wider budget gap. Monthly gov't spending swelled by
57.8% Y/Y in December, reaching a record high of PHP494.4bn. As a result, Dec
budget deficit also surged to a record high of PHP243.3bn, bringing the total
2019 deficit to a record PHP660.2bn.
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