Parliament To Start Budget Outlay Debate On May 31

Spot USD/THB reopened a touch lower and last trades -0.072 at THB31.318, still within the confines of yesterday's range. Overnight USD dynamics have driven early price action today.

• Bears look for a dip through the May 10 low/50-DMA at 31.048/THB31.036. On the flip side, a move through Apr 26 high of THB31.493 would expose Apr 12 high of THB31.575.
• Gov't spokesman said that the parliament will debate a THB3.1tn budget outlay from May 31 to Jun 2. The budget is expected to receive royal endorsement and become law by Sep.
• Thai regulator gave a nod to the Moderna jab for local use. It is the fourth Covid-19 vaccine approved in Thailand. Meanwhile, PM Prayuth clarified that walk-in vaccination services will be ready by Jun.
• The Social Security Office seeks cabinet approval for cutting contributions to the social security fund for those affected by Covid-19 for three months.
• The BoT will release its weekly foreign reserves data later today. Thai central bank will also hold a briefing on steps to help small borrower as well as the impact of Covid-19 on the economy.
• Next week, focus turns to GDP (Monday) & customs trade data (Friday)