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Indian Variant Arrives In Thailand, Cabinet To Discuss Stimulus Measures

THB

Spot USD/THB registered a new 2.5-month low Monday and consolidated below the neckline of a recent double top pattern. The rate has edged higher this morning, following yesterday's late-doors move in USD, and last sits +0.040 at THB31.125.

  • Bulls look for a rally above May 7 high of THB31.280, towards Apr 26 high of THB31.493. Conversely, a fall through Monday's low of THB31.048 would turn focus to the 50-DMA at THB30.960.
  • Thailand found the first case of the Indian coronavirus variant, recently flagged by the WHO as a variant of concern. Covd-19 centre spokesman Apisamai said that the panel will meet to debate measures to contain the spread of the Indian variant. In the first step, Thailand has extended its travel ban to travellers from Bangladesh, Pakistan and Nepal.
  • PM Prayuth chairs the weekly cabinet meeting today. Ministers will discuss and may give a nod to a new round of stimulus measures.
  • The weekly update on foreign reserves comes out Friday, as usual.

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