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(N1) Price Structure Remains Bullish


Tests Major Support - The 2017 Low!


New Weekly Lows


Needle Still Points North


(M1) Key Support Zone Exposed


Spot USD/THB trades at THB29.96, a touch lower as we type, with trendline support at THB29.94 eyed. A clean break here would shift focus to Dec 18, 2020 low of THB29.76. Topside focus falls on the 50-DMA/Jan 18 high at THB30.11/13, followed by Jan 12 high of THB30.19.

  • Implieds have resumed losses today, with tenors from 1-month out printing fresh cycle lows. 1-month implied volatility has slid to its worst levels since early Jul.
  • ANZ suggested that Thailand could be added to the U.S. Treasury's list of currency manipulators, as its FX purchases are expected to top the 2% threshold upon the release of Q4 GDP data.
  • Thailand's Finance Ministry said it plans to sell THB60bn of savings bonds to retail investors in Feb, with proceeds to be used to fund the latest cash handout scheme.
  • The Health Ministry said that the national Covid-19 jab rollout will begin on Feb 14 and will initially target healthcare & front-line workers.
  • The Samut Sakhon province reported 914 new Covid-19 cases on Monday, the majority of which were detected among migrant workers. Provincial authorities will provide another update on regional Covid-19 situation later today.
  • PM Prayuth chairs a weekly Cabinet meeting, ministers are expected to discuss land & building tax cuts.
  • Thailand's M'fing Production Index comes out on Wednesday, while the BoT will release BoP data & weekly update on foreign reserves on Friday.

USD/THB 1-Month Implied Volatility

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