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Baht Stabilises After China-Driven Jump

THB

The baht caught a bid late doors Tuesday as China backpedalled on its travel quarantine times. Inbound travellers will now have to spend only 7 days in a quarantine facility plus three at home. which replaces the previous 14+7 set-up.

  • The baht strengthened as looser curbs in China raised the prospect of faster recovery in Thailand's critical tourism sector, which has struggled to recuperate from wounds inflicted by the COVID-19 pandemic.
  • Spot USD/THB trades +0.038 at THB35.145, consolidating yesterday's losses. Renewed sell-off past Jun 16 low of THB34.830 would turn focus to the 50-DMA at THB34.523. On the flip side, bulls need a jump above Jun 24 high of THB35.573 to confirm that the uptrend is intact.
  • The BoT will publish manufacturing production data today. Output likely expanded 1.55% Y/Y after a 0.56% increase recorded in April, Bloomberg consensus forecast suggests. Customs trade data may also hit the wires today or tomorrow.
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