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Officials Expect Covid-19 Cases To Begin Falling Soon

THB

Spot USD/THB has plunged to its worst levels since early September after officials said that the current wave of Omicron cases might be nearing its peak.

  • The pair operates -0.132 at THB32.395, with bears looking for losses past Sep 6 low of THB32.333 towards Aug 31 low of THB32.215. The bearish case is supported by a bearish 50-/100-DMA crossover. Meanwhile, bulls need to retake Jan 20 low of THB32.822 before eyeing further recovery.
  • Thailand's national Covid-19 task force suggested that overall new inflections are expected to begin levelling off and falling this week, although ten provinces may see "brief spikes."
  • PM Prayuth chairs weekly Cabinet meeting today. Ministers may discuss measures to mitigate the impact of surging oil prices.
  • Nothing much left on the local data docket during the remainder of this week, with focus already on quarterly GDP report due next Monday.
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