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Thailand Returns From Long Weekend

THB

Spot USD/THB has added 6 pips so far, despite broad-based weakness in the dollar. Weekend developments underpinning the greenback's weakness have been seemingly outweighed by flows from the back end of last week, when Thailand was off for public holidays.

  • The Thai cabinet has signed off on the re-introduction of a Special Tourist Visa for foreigners from all countries. The visa had been available only for tourists from countries with low Covid-19 infection rates. That being said, all travellers coming to Thailand still need to spend 14 days in quarantine.
  • The pair last sits at THB30.09. Should the rate climb past Dec 2 high of THB30.26 & Nov 27 high of THB30.31, bulls would be able to target Nov 24 high & 23.6% retracement of the Jul 20 - Dec 9 slide at THB30.43. On the downside, focus falls on Dec 9, 2020/Dec 30, 2019 lows of THB29.98/97, the worst levels since 2013.
  • As always, Thailand will release weekly foreign reserves data on Friday.

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