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USD/PHP Slips After Rejecting 50-DMA


USD/PHP re-opened higher and came into contact with its 50-DMA for the first time since mid-Nov, but a failure to stage a clean breach of the aforementioned moving average was followed by a pullback. The rate last trades at PHP48.06, a touch lower on the day.

  • Filipino Health Ministry said that further 16 people have been diagnosed with the UK strain of coronavirus, bringing the total number of such patients in the Philippines to 17 (13 of them are still active cases).
  • BBG reported that the Philippine Agriculture Dept seeks price cap on pork & chicken in Manila. Per Philippine Star, the gov't could implement a 60-day price freeze on pork, chicken, fish and vegetables in the capital region.
  • A fall through the crucial PHP48.00 mark would revive the bearish case. Conversely, gains past the 50-DMA/Jan 11 & Dec 22 highs at PHP48.11/13 would give bulls some fresh momentum.
  • Local trade report comes out on Wednesday, with Q4 GDP data due Thursday.

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