USD/PHP trades at PHP50.88, 11 pips......>

DOLLAR-PHP: USD/PHP trades at PHP50.88, 11 pips worse off at typing, with the

peso leading gains in Asian EMFX. The currency has likely drawn some support

from yesterday's declaration of a global health emergency by the WHO, which

raised hopes for a ramp-up in international efforts to contain the virus.

- A fall below the 50-DMA at PHP50.80 would give bears a green light for

targeting PHP50.69, the Jan 29 low. The bullish initial target is provided by

the Jan 21 peak at PHP51.10. A break here would open the 100-DMA at PHP51.16.

- On Thursday, the Philippines confirmed its first case of coronavirus. The

patient is a Chinese national who arrived from Wuhan via Hong Kong. Manila has

since banned travellers from Hubei and some other Chinese provinces.

- Also on Thursday, top economic officials met to discuss a strategy on how to

meet this year's growth target of +6.5-7.5% Y/Y. Economic Planning Sec Pernia

said that the Wuhan virus will only have a short-term economic impact.

- The focus next week turns to the local m'fing PMI (Monday), CPI (Wednesday)

and a monetary policy decision from the BSP. The central bank's Gov Diokno said

that a 50bp cut to the key rate remains on the table; BBG looks for a 25bp cut.