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Thailand Raises Covid Alert But Refrains From Curbs, Baht Dips On Risk-Off Feel

THB

Geopolitical angst fuelled by escalating Russo-Ukrainian crisis pushed spot USD/THB higher this morning, with Thailand's rising daily Covid-19 cases adding another source of concern.

  • The rate last trades +0.222 at THB32.390, with bulls keeping an eye on Jan 20 low of THB32.822, a former breakout point. On the flip side, a retreat under Feb 18 low of THB32.088 would confirm that bears remain in the driving seat.
  • Thailand's Public Health Ministry has raised nationwide Covid-19 Alert Level to 4 citing a sharp increase in Omicron infections, but the Covid-19 panel said there would be no return to blanket lockdowns.
  • The Star reported that peace talks between the Thai government and rebels from southern parts of the country will resume in Malaysia on March 7.
  • Reminder that Thailand's Customs Dept will publish January trade data tomorrow. In the meantime, PM Prayuth chairs a weekly Cabinet meeting today.
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