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Gold Inching Toward Bull Trigger

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Spot USD/THB reopened on a quiet note, sitting within the confines of yesterday's range. The rate last trades -0.020 at THB31.385, with bears looking for losses past the 50-DMA at THB31.284. Below there opens Jun 11 low of THB31.030. Bulls need a clearance of May 18 high of THB31.510, before taking aim at Apr 12 high of THB31.575.

  • The Federation of Thai Industries lauded PM Prayuth's proposal to fully reopen the country in 120 days, noting that it will have a positive impact on business confidence.
  • The premier chairs a meeting of the Thai Covid-19 task force today. Officials will discuss the details of the "Phuket Sandbox" plan. Prayuth, accompanied by several ministers, will pay a visit to Phuket next week, before the island welcomes first vaccinated foreign visitors without mandatory quarantine on Jul 1.
  • The BoT will provide the latest update on Thailand's foreign reserves today. Next week, focus turns to customs trade data & BoT MonPol decision, due Wednesday.