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Thailand Introduces Fresh Curbs In 28 Regions

THB

Spot USD/THB has ebbed lower amid broader underperformance in USD/Asia crosses. Dollar weakness has outweighed concerns associated with fresh restrictions imposed in 28 Thai provinces.

  • Over the weekend, Thai gov't proposed introducing restrictions in 28 high-risk areas across the country, including Bangkok. The proposal was approved by PM Prayuth and takes effect today.
  • Thailand's Markit M'fing PMI registered at 50.8 in December, little changed from November's 50.4, as "further growth in output and new orders continuing to outweigh another round of job shedding."
  • Thai Business Sentiment Index hits the wires today, with consumer confidence due at some point later this week. Local CPI report comes out Tuesday.
  • The rate last deals at THB29.90, 5 pips worse off. Should the rate sink through Dec 18 low of THB29.76, a key near-term support, bears could reassert their dominance. Bulls see Dec 28 high of THB30.17 as their initial target and a break here would open up Dec 24 high of THB30.24.

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