Baht Shakes Off Early Strength, Thai Covid Panel Considers Easing Curbs

USD/THB has started the week on a softer footing amid broader greenback weakness, but has already recouped the opening losses. The spot last trades at THB30.000, little changed on the day.

• PM Prayuth wrote in a Facebook post that officials will consider easing curbs on alcohol sales and consumption at today's meeting of the Covid-19 panel (14:00 local time). Per BBG, the panel will also re-categorise risk ratings of some provinces.
• This comes after the PM and nine of his ministers survived votes of no-confidence in parliament. Such an outcome was widely expected, but analysts have pointed to differentials in the margins by which motions against particular ministers were defeated as a potential bellwether of a looming cabinet reshuffle.
• Political analysts speaking to the Bangkok Post named Commerce Min Jurin, Education Min Nataphol and Labour Min Suchart as those at most risk of being reshuffled/removed from the cabinet, after they received the smallest numbers of votes of confidence. Jurin was singled out as being "in a more precarious situation" than his two colleagues, owing to his questionable performance as a minister, poor showing during the censure debate, and the ruling PPRP party's desire to take over his ministry. In addition, Jurin, the leader of a junior coalition partner, faces challenges to his leadership coming from within his own party.
• A push through Feb 19 high of THB30.033 would bring Feb 5 high of THB30.132 into play. On the flip side, a fall through Feb 15 low of THB29.842 is needed to expose Jan 4 & 5 lows of THB29.840.
• Participants are on the lookout for tomorrow's trade report form the Thai Customs Dept. Later in the week, focus turns to the M'fing Production Index compiled by the Office of Industrial Economics as well as BoP data from the Bank of Thailand, both due Thursday.