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DOLLAR-THB : USD/THB hit resistance from a descending trendline drawn off the
Jan 30 multi-month high & has trimmed some gains since. The baht is softer as
are most of its Asian EM peers amid a broader correction of yesterday's gains.
The rate last sits at THB31.17, 10 pips higher on the day.
- Thailand said that they're monitoring 390 potential cases of the coronavirus.
As a reminder, the total no. of confirmed cases in the country is at 25.
- Tourism Authority of Thailand Gov Yuthasak Supasorn told the Bangkok Post that
revenue from the local tourism industry is poised to fall 3.4% Y/Y on the back
of a decline in the number of Chinese visitors.
- Bulls focus on the aforementioned trendline at THB31.23 & a break above would
open the the Jan 30 peak/61.8% retracement of the Apr 25 - Dec 30 sell-off at
THB31.28/29. Bears look for a dip below the Feb 4 low of THB30.91.
- Thailand will post its weekly update on foreign reserves later today.
Elsewhere, the Constitutional Court will rule on the validity of the budget
bill, which should have been disbursed on Oct 1, the start of FY2020. The gov't
said that they have contingency plans to mitigate consequences of the ruling.