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Thailand's Reopening Plan Boosts Baht

THB

The release of Thailand's reopening plan sent the baht flying as onshore markets reopened, with participants enthusiastic about recovery prospects for the local tourism sector.

  • PM Prayuth outlined a roadmap to scrap self-isolation requirements for vaccinated foreign visitors in a special address Monday. The move is intended to breathe some life into the embattled tourism industry, as the year-end holiday season draws near.
  • Thailand will allow inoculated travellers from 10 low-risk countries to enter without restrictions from Nov 1. The list of eligible countries will be gradually expanded from Dec.
  • Meanwhile, Thailand's daily Covid-19 caseload have eased further, the Southeast Asian nation reported the smallest uptick in new infections since Jul 15.
  • There is little of note on Thailand's economic docket this week, but PM Prayuth chairs a weekly Cabinet meeting this morning.
  • Spot USD/THB trades -0.370 at THB33.515 as the baht registered its largest gain since Aug 24. The rate has formed a double top pattern as a result. Bears look for further losses past the 50-DMA at THB33.185 towards Sep 23 low of THB33.155. Conversely, bulls look for a rebound above Oct 6 high/round figure of THB33.990/34.000.
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