Thailand To Relax Covid-19 Measures, BoT Meeting Eyed This Week

Spot USD/THB trades -0.055 at THB32.943 at typing, narrowing in on ascending trendline support drawn off Aug 31 low. The trendline intersects at THB32.899 and a break here would shift bearish focus to Jan 20 low of THB32.822. On the flip side, a jump above Jan 31 high of THB33.467 would bring Jan 10 high of THB33.747 into view.

• A senior official with the Public Health Ministry suggested that the government will propose a further relaxation of Covid-19 restrictions this week. The official noted that the public needs to learn to live with the virus, as it enters the endemic stage, while Thailand should not impose lockdowns going forward.
• The Bank of Thailand will hold their first monetary policy meeting of 2022 on Wednesday, but virtually nobody expects policymakers to move interest rates. The main focus will fall on accompanying rhetoric, as BoT watchers are on the lookout for more clarity on policy outlook.