Thailand Focuses On Battling Virus

Spot USD/THB jumped at the re-open and it seems safe to say that the apparent double top pattern formed in April has failed after the golden cross materialised. Strong gains in the greenback seen overnight on the back of broader risk aversion & a jump in U.S. CPI. The rate last sits +0.065 at THB31.292.

• A move through Apr 26 high of THB31.493 would open up Apr 12 cycle high of THB31.575. Conversely, a fall through May 10 low of THB31.173 would open up the nearby 50-DMA at THB31.048.
• The gov't is focusing all efforts on fighting the resurgence of Covid-19. The Bangkok Post reported that state agencies "have been instructed to halt development proposals that were to be funded by the 1-trillion-baht emergency loan decree as the government is reserving the remainder to fight Covid-19 infections."
• Elsewhere, Thailand opened its first vaccination centre outside a hospital. About 1,000 people were inoculated at the CentralPlaza Ladprao shopping complex after the official opening on Wednesday. Meanwhile, Public Health Ministry said that "walk-in" vaccination services can be created in any province with enough jabs.
• Meanwhile, Thailand detected 3,000 Covid-19 infections among the inmates of two Bangkok prisons. The Corrections Dept revealed the information after pro-democracy activist Panusaya Sithijirawatta­nakul was released on bail and said she contracted the virus.
• Looking ahead, the BoT will publish its latest update on foreign reserves on Friday.