Baht Remains Under Pressure, Prints New Multi-Year Lows

Spot USD/THB has penetrated resistance the psychological THB33.500 barrier this morning as the baht absorbed the impact of FOMC MonPol decision & lingering concerns over Thailand's decision to raise the official debt ceiling. The rate printed a fresh cycle high of THB33.535 and last changes hands +0.073 at THB33.518.

• The rate has struggled to make much headway beyond Jul 20, 2018 high of THB33.518. A clean break and consolidation above that level would shift focus to Oct 3, 2017 high of THB33.545, followed by Jul 11, 2017 high of THB34.140. On the flip side, the 50-DMA at THB32.962 draws bearish attention.
• Health officials convene today to discuss draft amendments to the 2015 Communicable Disease Act after the Cabinet approved them earlier this week. The gov't clarified Wednesday that the amended act will give the national communicable disease committee powers normally granted by an emergency decree, such as imposing curfews and lockdowns.
• Thailand's Covid-19 task force said that Bangkok could reopen by Nov 1 if 70% of residents are fully vaccinated by the end of this month. Elsewhere, Public Health Min Anutin said that the gov't expects all target groups to be fully vaccinated by the end of the year.
• Thailand's Customs Dept will publish the latest trade report today. BBG consensus forecast sees trade surplus expanding to $854mn from $183mn on the back of slower growth in both imports and exports.