Philippine peso hits 2-month high on the way to 43/dollar

Philippines:The Philippine peso hits a two-month high against the dollar in active trading on offshore investors' demand. The central bank is spotted buying dollars to check falls in the dollar/peso, dealers say. The dollar/peso bid as low as 43.46, the lowest since Dec. 8, compared with its previous close of 43.63. A clear break of 43.50 will find small support around 43.42, the pair's low on Nov. 18. But the pair's next target will probably be 43.25, the 61.8 percent Fibonacci retracement of its early November-January rise. "There is intervention at the moment which is why we stopped at 43.48 but if we break 43.50 convincingly then we may see 43 as the next target," says a Manila-based dealer.