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Baht Surges On Potential For Early Relaxation Of Thailand's Border Rules

THB

Potential for a relaxation of Thailand's border rules has generated a tailwind for the baht in early trade, making it one of the best performers in the Asia EM basket. Spot USD/THB has tumbled to a near two-month low and last operates -0.155 at THB32.940.

  • Today's sell-off has taken spot USD/THB past the floor of a bear channel drawn off Dec 3 high, which effectively contained price action for several weeks. This shifts bearish focus to THB32.565/32.555, which represent the low print of Nov 18/200-DMA. On the flip side, should the rate manage to retake Jan 10 high of THB33.747, they could take aim at Dec 22 high of THB33.835.
  • Dep PM Anutin revealed Monday that officials will recommend reinstating Thailand's quarantine-free visa scheme for fully vaccinated travellers. Lifting the suspension of the "Test & Go programme" would be a boon for Thailand's beleaguered tourism industry.
  • The announcement came as concerns over the outbreak of the Omicron variant are receding, with Thailand reporting its lowest daily count of Covid-19 infections in almost two weeks.
  • PM Prayuth chairs a weekly Cabinet meeting today and ministers may discuss measures to tackle rising food prices.
  • Thailand's Customs Department will publish December trade data this Friday. The consensus estimate points to a slight narrowing in monthly trade surplus.
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