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Baht Gains On Decline In Thailand's Covid Case Count

THB

Spot USD/THB has extended its rout today, pressured by overnight greenback weakness coupled with a continued improvement in Thailand's Covid-19 situation.

  • The rate has punched through its 100-DMA and last sits -0.245 at THB32.810, with bears looking for further losses past Sep 10 low of THB32.618. The next layer of support below is located at THB32.215, which limited losses on Aug 31. Bulls look to a rebound above Oct 18 high of THB33.488.
  • Thailand logged the lowest number of new Covid-19 infections today, as officials reported just 6,904 cases. The Cabinet may discuss funding the planned purchase of Merck's Covid-19 antiviral drug.
  • The announcement of the next monetary policy decision from the Bank of Thailand is slated for tomorrow. Virtually all analysts expect the MPC to stand pat (our usual preview is forthcoming).

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