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Baht Weakens, Thailand Implements Pork Export Ban To Curb Prices

THB

Spot USD/THB has advanced, following the release of FOMC meeting minutes in Wednesday's U.S. hours. The rate last sits +0.067 at THB33.262, off its earlier session high of THB33.318.

  • A rally above Dec 22 high of THB33.835 would bring Oct 6 & Dec 3 highs of THB33.990 into view. Conversely, a retreat past yesterday's trough at THB33.160 would encourage bears to target Nov 18 low of THB32.565.
  • Thailand imposed a three-month ban on pork exports to contain a surge in prices caused by lower supply of hogs and higher production costs. The ban will expire on Apr 5, when the Commerce Ministry will assess the case for an extension.
  • Elsewhere, daily Covid-19 infections rose to the highest level since Dec 4 today, as Thailand reported 5,775 new cases.

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