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Thailand has returned from a long weekend and spot USD/THB reopened on a slightly softer footing, catching up with Monday's losses in the USD. The rate last sits -0.057 at THB32.853, with bears seeing Jul 20 low of THB32.780 as their initial target. A break here would turn focus to Jul 12/13 lows of THB32.540. Meanwhile, a jump above Jul 23 high of THB32.940 would expose THB33.177, which capped gains on Apr 2, 2020.
- The Tourism Authority of Thailand warned that 2021 may see the lowest number of tourist arrivals on record. The number of international tourists may fall to 1mn this year, with domestic trips set to reach 50-60mn. In 2020, Thailand was visited by 6.7mn tourists who came before the pandemic began.
- PM Prayuth chairs the weekly cabinet meeting today. Ministers are expected to debate the details of compensation for business and individuals affected by the outbreak of Covid-19.
- Focus moves to Friday's data dump, with Thai agencies set to release m'fing production index, BoP current account balance and trade balance. As a gentle reminder, the BoT will deliver their monetary policy decision next week.