Thailand Proceeds With Reopening Plan, BoT Gov Sees Policy Stance Staying Accommodative

Spot USD/THB has stabilised after its dynamic sell-off this week, which allowed the pair to form a short-term double bottom pattern. The rate last operates -0.040 at THB33.160, probing the water below its 50-DMA. Further losses past Sep 15 low of THB32.850 would open up Sep 10 low of THB32.618. On the topside, a clearance of Oct 6 high/round figure of THB33.990/34.000 would allow bulls to return into the driving seat.

• The main Covid-19 panel approved another round of easing restrictions. From Saturday, the number of dark-red (i.e. highest risk) provinces will be cut to 23 from 29, the number of red provinces will decline to 30 from 37, while the number of orange provinces will rise to 24 from 11. In addition, the night curfew will be shortened by two hours, while travellers from five countries will be allowed to enter without self-isolation requirement from Nov 1. The panel's spokesman clarified that more countries may be added to the list, as PM Prayuth had earlier suggested that travel corridors could be opened with as many as 10 nations.
• BoT Gov Sethaput appeared at an online conference hosted by the Institute of International Finance yesterday evening. The policymakers noted that the Bank's "policy stance needs to remain accommodative for quite some time" and "it is probably too premature to talk about exiting given the depth of the crisis."