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DOLLAR-THB : USD/THB sits at THB30.66, 10 pips.......>

DOLLAR-THB
DOLLAR-THB : USD/THB sits at THB30.66, 10 pips higher & limited by the channel
resistance at THB30.67. The rate gapped higher at the open and moved through the
level before ebbing off highs. The baht has been pressured by a flight to
quality fuelled by worry re: Wuhan coronavirus. Per official communique, 48
people in Thailand are monitored for possible infection, with 8 cases confirmed.
- Thailand's Health Minister said that China's tourism curbs may reduce the
incidence of coronavirus. Whereas the effectiveness of China's policies remains
to be discovered, analysts highlight potential impact on Thai economy. BBG notes
that Chinese tourists spent ~$18bn in Thailand in 2019, with the tourism
industry contributing 21% to Thai GDP.
- Bulls look for a sustained break above the channel resistance/Oct 1 high at
THB30.67/69, which would clear the way to the 200-DMA at THB30.79. Bears need a
slip below Friday's high of THB30.57 to see the opening gap filled. This would
expose the channel floor at THB30.39.
- The Thai calendar for this week features BoP data, trade balance & a weekly
update on foreign reserves. All of those releases are due on Friday.
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