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Thai Officials Set To Discuss Relaxing Covid Curbs

THB

Spot USD/THB trades +0.022 at THB32.732 at typing, hovering above yesterday's six-week low. Bears keep an eye on the nearby 50-DMA at THB32.601, followed by Jul 12/13 lows of THB32.540. Conversely, a key layer of resistance is provided by Aug 10 cycle high of THB33.490.

  • BoT Gov Sethaput said Wednesday that Thailand's low reliance on external sources of debt financing and sizeable foreign reserves make the country less vulnerable to the consequences of policy normalisation by the Fed than some other EMs.
  • The Governor added that the baht has faltered vs. the USD this year as Thailand swings to a current-account deficit after years of surplus, adding that THB may face some more losses and volatility on the back of domestic factors.
  • The baht remains the weakest currency in the Asia EM basket this year, albeit solid performance this week has helped it outperform regional peers in August.
  • A subcommittee of Thailand's Covid-19 task force will discuss easing some restrictions today.
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