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Thailand Boosts Border Monitoring Amid Coronavirus Worry

DOLLAR-THB

Spot USD/THB has slipped in early Asia-Pac trade and last deals -6 pips at THB31.27. A break below THB30.95, which limited losses on Sep 1, would give bears a green light for targeting Jun 24 low of THB30.81. Topside attention is drawn to Sep 3 high of THB31.45 and a breach of the level would bring Aug 24 high of THB31.63 into play. Bulls are also on the lookout for a 50-/200-DMA crossover, with the former running within touching distance from the latter since the formation of a "death cross" in mid-Aug.

  • Thailand's Central Bankruptcy Court is expected to issue its ruling on Thai Airways International's debt restructuring today. The total liabilities of the airlines reached THB332.2bn at the end of June.
  • Krungthep Turakij reported that Dep PM Supattanapong Punmeechaow may become the new Finance Minister, while quitting his Energy Ministry portfolio. The role remains vacant as of now.
  • Thai Health Ministry said that the country will boost monitoring measures at its borders after the detection of new imported coronavirus cases.
  • Looking ahead, Thailand will release its weekly update on foreign reserves on Friday.
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