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Baht Keeps Falling After Key Support Gives Way

THB

Spot USD/THB keeps pushing higher after clearing key resistance from THB34.000 on Monday, while completing an ascending bull triangle pattern. The rate last changes hands +0.043 at THB34.080.

  • From a technical viewpoint, the next bullish target is provided by Oct 3, 2017 high of THB33.545. On the flip side, a pullback under THB34.000 would open up Mar 28 high of THB33.802.
  • Pheu Thai leader Cholnan said that the main opposition party plans to table a no-confidence motion against the government after the amendments to organic election laws are submitted for second and third readings in parliament, which is expected to happen on May 24.
  • Thai health experts warned that it might be too early to declare Covid-19 an endemic disease, even as the daily case count keeps easing.
  • The Customs Dept is expected to publish monthly trade data later today. Looking further afield, m'fing output is due Thursday, with BoP report coming up Friday.
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