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Spot USD/THB failed to take out resistance from the 50% retracement of the Apr 2, 2020 - Dec 18, 2020 slide at THB31.467. It re-opened on a softer footing this morning and last trades -0.120 at THB31.337.
- A fall through Apr 1 & 2 lows of THB31.198 would turn focus to Mar 26 low of THB31.060. Conversely, bulls look for a renewed rally past aforementioned Fibo level/yesterday's high at THB31.467/31.470, which would bring Sep 28, 2020 high of THB31.745 into view.
- Thai authorities ordered "risky" entertainment venues in 41 provinces to shut for two weeks in a bid to halt further spread of infections linked to the Thong Lor cluster.
- The BoT told commercial lenders to stop doing new Libor-linked loan, bond and derivative transactions from Jul 1.
- The central bank hosts a virtual meeting for analysts to discuss its economic forecasts at 10:00am local time.
- The BoT will release its weekly update on foreign reserves later today.
Fig. 1: USD/THB
Source: MNI - Market News/Bloomberg