Ministers To Discuss Economic Assistance Measures After Tightening Restrictions In Bangkok

The tightening of Covid-19 restrictions in Bangkok sent spot USD/THB higher Monday, with the rate happy to hold onto yesterday's gains as onshore Thai markets reopened. The pair last sits at THB31.948, little changed on the day.

• A clean break above Jun 24 high of THB31.980 would please bulls and bring May 25, 2020 high of THB32.002 into play. Bears look for a slide through Jun 25 low of THB31.740, which would turn focus to the 50-DMA at THB31.350.
• Thailand ditched the rule requiring hospital admission for Covid-19 patients and will allow infected people to isolate at home, as designated facilities have reached capacity.
• A piece by the Bangkok Post estimated the cost of sealing all construction sites and worker camps in Greater Bangkok for 30 days at THB140bn. The Thai Contractors Association flagged that the cost will be larger than the sector's contribution to Thailand's GDP, owing to the size of related supply chains.
• The cabinet will consider measures to help those affected by Covid-19 restrictions during its weekly meeting today. Elsewhere, FinMin Arkhom will speak about fiscal support measures, the BoT will provide an update on the implementation of its FX ecosystem plan, the Tourism Council will hold a briefing on preparations for reopening Thailand, while the World Bank will publish a report on Thai labour market and social policy.
• On the data front, Thailand's BoP current account balance & trade balance will be released on Wednesday, while Markit M'fing PMI & Business Sentiment Index are due Thursday.