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Covid Matters Take Focus, Thai Cabinet Meets Today

THB

Spot USD/THB has oscillated within yesterday's range so far and last trades at THB31.130, barely changed on the day. Local news flow has largely revolved around familiar themes, namely Monday's reopening of some aesthetics-related businesses in Bangkok and continued blame game surrounding Covid-19 vaccine shortages.

  • In case you missed it, Thailand's finance ministry noted that it has borrowed money to fund fiscal measures rather than gold purchases, per BBG. The clarification came after an increase in the country's gold reserves raised some eyebrows.
  • PM Prayuth held discussions with key economic off'ls yesterday on ways to arrest the surge in household debt, which may pose a threat to Thailand's economic recovery.
  • Prayuth chairs the weekly cabinet today. Looking further afield, the BoT will provide their weekly update on foreign reserves this Friday.
  • Bulls need a move through the 50-DMA/Jun 4 high at THB31.274/31.275, which would bring May 18 high of THB31.510 into view. Bears look for a retreat under Jun 11 low of THB31.030, which would expose the 200-DMA at THB30.787.

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