Baht Softens Ahead Of Prayuth's Meetings On Virus Situation

Thailand's main Covid-19 task force chaired by PM Prayuth meets today to consider stricter measures to arrest the spread of new Covid-19 infections. Tuesday saw the Cabinet give a nod to a temporary transfer of certain prerogatives to the PM to allow him to make swift decisions on new restrictions, as the nation scrambles to contain the deadly virus. The baht trades on a slightly softer footing, with spot USD/THB last +0.040 at THB31.417, but worth noting the initial uptick may have been partly driven by overnight demand for the greenback.

• Prayuth will also hold meetings with the Thai Chamber of Commerce and the Tourism Council of Thailand to discuss ways to boost the national vaccine programme in cooperation with private businesses. The meetings come after the gov't ditched its initial plan not to include the private sector in the inoculation drive.
• The Federation of Thai Industries warned that the third wave of Covid-19 will cost the local m'fing sector THB100bn, with car producers set to adjust their targets for this year accordingly.
• Thailand's Dept of Medical Sciences declared the AstraZeneca vaccine to be manufactured locally by Siam Bioscience "fit for use."
• The rate seems poised to witness a golden cross pattern, as the 50-DMA (THB30.790) is within touching distance from the 200-DMA (THB30.796).
• Meanwhile, bulls see Apr 26 high of THB31.493 as their initial target and a break here would open up Apr 12 cycle high of THB31.575. Bears need a fall through Apr 19 low of THB31.173 to regain poise.