Thailand May Announce Further Relaxations Of Covid Curbs Today

Spot USD/THB dipped onto its 50-DMA at the reopen, as onshore trading resumed after a local holiday. The pair bounced off that moving average but went offered again thereafter. Opening losses seemed driven by Wednesday's greenback sales as well as recent optimistic chatter surrounding Thailand's plans to revive the local tourism sector.

• The pair last operates -0.230 at THB33.210. Bears would be pleased by a clean break below the 50-DMA/Sep 23 low at THB33.188/33.155, which would shift focus to Sep 10 low of THB32.618. On the flip side, a rebound above Oct 6 high/round figure of THB33.990/34.000 would signal a broader resumption of gains.
• USD/THB overnight implied volatility printed a three-week high of 9.40% on Wednesday and resumed gains this morning. It last sits at 8.98%.
• We may hear some more on Thailand's reopening plans today. PM Prayuth chairs a meeting of the national Covid-19 panel today. The task force's spokeswoman said Monday that officials will likely approve further relaxations of existing curbs.
• Bangkok Post sources said that officials will consider shortening the night-time curfew by two hours from Saturday and lowering alert levels in several provinces currently designated as high-risk areas. The panel will also discuss allowing foreign travellers from 10 chosen countries to enter without quarantine requirements.