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Baht Remains Under Pressure, Thai Cabinet Meeting Takes Focus

THB

The rally in spot USD/THB continues, with the pair showing at fresh three-year highs. It last sits +0.055 at THB33.475 and bulls look for a clean break above Jul 20, 2018 high of THB33.518, which provides a key layer of resistance. Bears look for a pullback under Jul 29/20 lows of THB32.820/32.780.

  • Thailand declared 19,843 new Covid-19 cases today, while also adding a record 235 deaths.
  • The Thai Cabinet meets today and is expected to discuss additional economic relief measures for people affected by the outbreak of Covid-19.
  • There is little of note on the local docket for the remainder of this week, with the BoT due to release their weekly update on foreign reserves on Friday.

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