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Thailand Reopens But Baht Depreciates

THB

Spot USD/THB last trades +0.147 at THB33.327, firming alongside most USD/Asia crosses. Bulls look to a move through Oct 18 high of THB33.488, which would clear the way to Oct 6 high/round figure of THB33.990/34.000. On the flip side, a fall through Oct 26 low of THB33.985 would open up the 100-DMA, which intersects at THB32.780.

  • Thailand has reopened its borders to fully vaccinated foreign visitors from 63 low-risk countries and eased some Covid-19 restrictions, in a bid to revive the embattled tourism industry.
  • Thailand's m'fing sector returned into expansion, according to the latest Markit PMI report. Headline index improved to 50.9 in October from 48.9 prior, but IHS Markit warned that "new orders continued to fall and employment conditions remained subdued, suggesting there remains some distance to go in the recovery."
  • The BoT's Business Sentiment Index will be released later today, with consumer confidence gauge coming up Thursday. Monthly CPI report will take focus on Friday.
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