Baht Firms, Eyes Local Data

USD/THB has eased off, giving away yesterday's modest gains in the process, and last trades at THB30.020, albeit the nearby 50-DMA (THB30.006) remains intact.

• The Criminal Court in Bangkok found three Cabinet ministers guilty of sedition, leading to their immediate ouster. The legal case was launched in 2018.
• The Bangkok Post reported that "Samut Sakhon, Chiang Mai and Tak will start vaccinating priority groups, including health workers, against Covid-19 from March 1."
• Seven Thai airlines have formed an alliance to tackle problems stemming from the Covid-19 pandemic and set the scene for introducing a vaccine passport.
• A break under the aforementioned 50-DMA and Feb 22 low of THB29.960 would clear the way to Feb 16 low of THB29.850. Meanwhile, a rebound above Feb 22/24 highs of THB30.045/048 would expose Feb 5 high of THB30.132.
• We have some Thai data coming up today:
  • The Office of Industrial Economics will publish their monthly Manufacturing Production Index. The median forecast in BBG survey is -4.40% Y/Y, with estimates ranging between -6.20% and -1.20%.
  • BoP data take focus thereafter. Analysts expect the current account balance to print at -$500mn, estimates fall between -$1.890bn and +$1.000bn.
  • The weekly update on foreign reserves is also due.