Edges Higher, Eyes Thai Trade Data

Spot USD/THB last changes hands +4 pips at THB31.60, extending gains to its best levels in a month. The 100-DMA/Jul 24 high at THB31.76/79 provide the initial bullish targets and a break here would open up the key Jul 20 high of THB31.86. A rally past that level would complete the formation of a double bottom pattern over the last three months. On the downside, a retreat under Aug 5 low of THB30.98 would return focus to the signal sent by the recent "death cross" formation and expose Jun 24 low of THB30.81.

• Thailand is exploring ways to safely re-open borders and stimulate its tourism-reliant economy. Transport Min Saksiam Chidchob pointed to the conundrum of the need to re-open borders amid the lingering pandemic and floated the idea of requiring visitors to quarantine upon arrival and wear wristbands with GPS tracking.
• Elsewhere, BoT Gov Ronadol Numnonda said that local lenders are able to weather the impact of the pandemic, owing to their strong financial standing.
• Participants await the release of Thai trade data at the bottom of the hour. Later in the week, Thailand's M'fing Production Index ISIC comes out on Wednesday.