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Free AccessBaht Gains On Cash Handout Scheme, Bangkok's Proposal To Ease Curbs
Spot USD/THB re-opened on a softer footing after Thai ministers OK'd a cash handout scheme, while Bangkok authorities said they will apply for easing local Covid-19 curbs. The rate last changes hands -5 pips at THB29.98.
- Thai cabinet gave a nod to a $7bn cash handout programme targeting ~31.1mn of low-income individuals. FinMin Arkhom said that the scheme is estimated to boost the GDP by 0.5-0.6pp and has been designed to help the worst-off weather the Covid-19 crisis.
- Bangkok Metropolitan Administration said it will submit a formal proposal to relax local Covid-19 restrictions. The proposal will be filed with the committee overseeing disease control on Thursday.
- PM Prayuth pledged to crack down on people spreading misinformation about the government's Covid-19 vaccination plan by ordering prosecution.
- A break under Jan 13 low/trendline support at THB29.95/93 would give bears a signal for targeting Jan 4 low of THB29.84. Bulls look to take out Jan 18 high/50-DMA at THB30.13/16 before attempting a move at Jan 12 high of THB30.19.
- Thai customs office will publish the monthly trade report on Friday.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.