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Spot USD/THB has slipped this morning and now sits -0.035 at THB31.425. Bears need retreat under the 50-DMA at THB31.110 before targeting May 10 multi-week low of THB31.048. Meanwhile, a break above yesterday's high of THB31.510 would bring Apr 12 high of THB31.575 into play.
- BBG sources said that yesterday's cabinet meeting approved a plan to borrow an additional THB700bn to fund new Covid-19 countermeasures. The gov't plans to allocate THB400bn of that sum to help different sections of the society weather the impact of virus resurgence, THB270bn to boost economic recovery, and THB30bn to fund the purchase of vaccines & medical supplies. Sources told BBG that the debt-to-GDP ratio may rise to 58.6% by Sep, staying below the 60% debt ceiling.
- On that note, the gov't's Budget Bureau said that investment funds in next FY's budget should be boosted in order to ensure compliance with the current fiscal discipline law. Budget Bureau chief said that they need to be increased by at least THB76bn.
- A Bangkok Post source report suggested that PM Prayuth ordered that walk-in services for Covid-19 vaccination were halted. Prayuth reportedly told the cabinet meeting yesterday that he wanted to prevent people from flocking into crowded vaccination sites and being turned away if there are not enough jabs.
- The BoT are set to release the minutes from their latest MonPol meeting today at 9am local time. As a reminder, the BoT left its benchmark policy rate unchanged this month, while cutting the growth outlook for this year.
- On the data front, Friday's customs trade balance & foreign reserves headline the local docket during the remainder of this week.