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Covid Jitters Dampen Demand For Baht

THB

Spot USD/THB has caught a bid, hitting a fresh seven-week high, amid concern that renewed restrictions on travel might disrupt the operation of the tourism industry. The pair last sits +0.145 at THB33.740.

  • The initial bullish target is provided by THB33.990, which capped gains on Oct 6. On the flip side, losses past the 100-DMA at THB33.079 would open up Nov 18 low of THB32.565.
  • Thailand has banned entry from eight African countries in response to the outbreak of the Omicron variant in the southern part of that continent.
  • Thailand's National Economic & Social Development Council (NESDC) chief and a senior BoT official will speak at a seminar on the 2022 outlook today.
  • On the data front, focus turns to Thailand's m'fing production index & overall BoP balance (Tuesday), Markit M'fing PMI & Business Sentiment Index (Wednesday) as well as CPI (Friday).
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