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Rare SOFR Futures Activity In Early Asia Trade


(U1) Needle Points North

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Spot USD/THB has slipped in early trade, albeit only marginally, and last sits -0.040 at THB32.813. Bears look for a deeper sell-off past Jul 12/13 lows of THB32.540, while bulls would be pleased by a move through Jul 19 high of THB32.903, towards THB33.177, which capped gains on Apr 2, 2020.

  • Thailand's National Vaccine Institute (NVI) conceded that Covid-19 vaccine rollout has been sluggish and offered a public apology, while announcing that Thailand will join the UN-backed COVAX scheme in a bid to boost vaccine supply next year.
  • Thailand declared a record-breaking 13,655 daily Covid-19 case count today, reporting 87 new fatalities. This comes after the daily increase in new infections topped 13,000 for the first time on Wednesday.
  • Thai business leaders pushed for accelerating vaccinations and Covid-19 testing among factory workers during their meeting with PM Prayuth yesterday. Some of the executives also requested more measures to boost private investment and consumption.
  • Prayuth will today at 0930ICT/0330BST meet with Thailand's top economic panel to discuss policy measures, business conditions and steps to attract investment. Separately, the BoT will hold a briefing on Thailand's economic outlook at 1030ICT/0430BST.
  • The Thai Customs Dept will release their monthly trade report for the month of June on Friday. Headline trade surplus is expected to have widened to $1.127bn from $796mn, with exports growth seen at +38.05% Y/Y vs. 41.59% Y/Y prior.