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Baht Appreciates Despite Rising Covid-19 Cases

THB

Spot USD/THB has dropped in early trade and last deals -0.087 at THB33.075. A break below trendline support/Jan 20 low at THB32.892/32.822 would give bears a green light for targeting the 200-DMA/Nov 18 low at THB32.683/32.565. Bulls look to take out Jan 31 high of THB33.467 before targeting Jan 10 high of HB33.747.

  • Daily Covid-19 cases rose to 9,909, which represents the highest count since Oct 18. Meanwhile, Phuket has asked the national Covid-19 task force to improve monitoring measures for international travellers, after an alarming number of tourists tested positive on arrival.
  • Thai Commerce Ministry will publish January CPI data later today. Consensus points to expectations for a pick-up in headline inflation to +2.47% Y/Y from +2.17% prior. The data comes ahead of next Wednesday's BoT MPC meeting, which is unlikely to bring any major policy tweaks.

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