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NESDC Warns That Thailand's Tourism Sector May Not Recover Until 2026

THB

Spot USD/THB has softened as onshore markets re-opened in Thailand. The pair last trades -0.020 at THB31.340. The 50-DMA at THB31.181 provides the initial bearish target and a break here would open up May 10 low of THB31.048, a key near-term support. Bulls look for a break above May 18 high of THB31.510, before taking aim at Apr 12 high of THB31.575.

  • Thailand's National Economic and Social Development Council warned Monday that the critically important tourism sector may not be able to recover to pre-pandemic levels until 2026, which will affect as many as 7mn workers.
  • BoT Asst Gov Ronadol said that Thailand's central bank will seek more direct measures to help SMEs hit by the Covid-19 pandemic after financial support delivered so far missed the target.
  • Customs trade data headline the local docket today. Trade surplus is expected to shrink to $345mn from $711mn, according to BBG consensus forecast.
  • Krungthep Turakij cited Commerce Min Jurin Laksanawisit as flagging a positive impact from rising demand for food & WFH products on the Thai exports, which rose about 13% Y/Y in Apr.
  • Elsewhere, PM Prayuth chairs the weekly cabinet meeting today.
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