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Baht Shows Resilience Despite Omicron Worry

THB

Spot USD/THB have softened in early Asia-Pac trade, a further decline in Thailand's daily Covid-19 case count might be aiding the baht. The rate trades -0.025 at THB33.382, with downside focus falling on the 50-DMA at THB33.343. A break here would bring the 100-DMA at THB33.182 into play. Bulls need a rally above Oct 6 & Dec 3 highs of THB33.990 to regain dominance.

  • Thailand's daily Covid-19 cases continued to fall and reached the lowest level since Jun 16 today, as Bangkok is planning to enter talks with Malaysia over the reopening of their land borders.
  • The Tourism Authority of Thailand (TAT) said they will ask the Cabinet to ramp up stimulus for the sector in order to maintain positive momentum for the domestic travel market, as the emergence of the Omicron coronavirus variant is disrupting international travel.
  • Prime Minister Prayuth chairs the weekly Cabinet meeting today.

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