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Baht Goes Offered During Brief Pause In Local Holiday Break

THB

Spot USD/THB re-opened on a firmer footing as Thailand briefly returns from a public holiday, before observing another market closure on Wednesday. The rate last changes hands +0.190 at THB34.443.

  • Bulls set their sights on Apr 28 high of THB34.480, with the next layer of resistance provided by May 11, 2017 high of THB34.815. Bears need a retreat under the THB34.000 figure to get some reprieve.
  • J.P. Morgan on Monday downgraded Thailand's equities rating to "neutral" from "overweight", citing the renewed outbreak of Covid-19 in China and the slow pace of recovery in Thailand's tourism industry.
  • Thailand declared 9,721 Covid-19 cases today, while daily fatalities fell to 77, the lowest level since Mar 26.
  • The Bank of Thailand will release its Business Sentiment Index today, with consumer confidence data coming up later this week. The main focus, however, will fall on Thursday's monthly CPI report.
  • Reminder that the Thai Cabinet holds its weekly meeting today.

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