USD/PHP trades at PHP50.09, 9 pips shy...>

DOLLAR-PHP: USD/PHP trades at PHP50.09, 9 pips shy of neutral levels as we type.

A decline past Jun 18 low of PHP49.97 is needed to give bears some impetus and

bring Jun 8 low of PHP49.80, a key near-term support, into play. Conversely, a

jump above Jun 15 high of PHP50.38 would signal that bulls are taking control,

with the 50-DMA at PHP50.44 providing the next topside target.

- Philippine Finance Secretary Carlos Dominguez told reporters that the country

will continue to guard is "precious" credit rating, after retaining

trustworthiness due to prudent fiscal policies. He called unfundable fiscal

packages "wishful thinking", adding that the Finance Dept focuses on imposing a

VAT on digital transactions.

- Elsewhere, the Philippine Stock Exchange had to shut down for 24h as its

headquarters and trading floor are being decontaminated.

- Yesterday's record increase in the Philippines' Covid-19 case count & the

announcements from Cebu Air & Aboitiz Group re: job cut plans have been doing

the rounds, but PHP has outperformed USD nonetheless.

- A quick heads-up, the BSP will deliver its monetary policy decision tomorrow.