Further Covid Restrictions On The Cards

Thailand had three days off to celebrate the Songkran Festival, but is back in the game. Spot USD/THB re-opened sharply lower, digesting catalysts from over the holidays. It last sits -0.265 at THB31.220.

• Thailand's Covid-19 task force chaired by PM Prayuth convenes today to discuss measures to contain the resurgence of coronavirus infections in Bangkok and neighbouring provinces. The Bangkok Post reported yesterday that the authorities could impose a partial lockdown in the capital.
• Dep PM Anutin suggested that the gov't considers a nationwide ban on sales of alcoholic beverages in restaurants, closure of pubs and entertainment venues, early restaurant closures and suspension of in-person teaching. At the same time, Anutin noted that "we have seen no point in imposing a [full, nationwide] lockdown for the time being."
• Anutin also said that Thailand will carry on with using the AstraZeneca jab to inoculate its citizens. The gov't has ordered 71mn doses of the product, complemented by further 2mn doses of the Sinovac vaccine.
• Thailand declared 1,543 new Covid-19 infections on Thursday, setting a fresh daily record.
• The BoT will release their weekly update on foreign reserves later today.
• Next week, focus moves to trade data from the Thai Customs Dept, due Thursday.
• From a technical perspective, a break below THB31.198, which limited losses on Apr 1 & 2, would open up Mar 26 low of THB31.060. Conversely, a clearance of Apr 12 high of THB31.575 would reinstate broader bullish momentum.