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Domestic Covid Worry At The Forefront, Baht Falters To Multi-Month Low

THB

Spot USD/THB has started on a firmer footing, clearing the 76.4% retracement of the 2020 sell-off and printing a new multi-month high. The rate last changes hands +0.135 at THB32.410, with bulls looking for further gains past Apr 28, 2020 high of THB32.533, which would bring Apr 14, 2020 high of THB32.792 into play. Bears initially look for a pullback under Jun 25 low of THB31.740.

  • Thailand's Covid-19 task force said Wednesday that they will consider locking down hotspots in Bangkok and neighbouring provinces, once proposals are submitted by experts. Officials refused to rule out a scenario in which the number of new infections would rise by 10,000 per day next week.
  • The consumer confidence survey conducted in Jun by the University of the Thai Chamber of Commerce headlines the local docket today. Headline index fell 44.7 in May, reaching the lowest level since the survey began in 1998.
  • Elsewhere, the BoT holds a media briefing on the financial data ecosystem.
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