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Thailand To Reopen Borders In 120 Days

THB

Spot USD/THB trades at its best levels since May 28 after rallying on the back of broader market reaction to the latest FOMC MonPol decision. The rate last changes hands +0.145 at THB31.315, with bulls looking for a rally above May 25 high of THB31.375, towards May 18 high of THB31.510. From the bullish perspective, it is worth noting that the 100-DMA has crossed above the 200-DMA. Bears need a retreat under Jun 11 low of THB31.030 to gain some fresh momentum.

  • PM Prayuth said Wednesday that Thailand is planning to welcome foreign visitors in 120 days and expects that most Thai residents will be offered at least one Covid-19 jab by Oct. Prayuth reiterated that the upcoming reopening of Phuket (so called "Phuket Sandbox") will serve as a "pilot" ahead of the full-scale reopening of national borders within 120 days, adding that some tourism centres may reopen ahead of schedule.
  • Finance Ministry's Permanent Sec Krisada said that the ministry has not yet made a decision on the proposal to boost payments under its cash handouts scheme.
  • Three coalition parties and the opposition bloc are seeking to change the constitution, removing the Senate's prerogative to take part in nominating the PM.
  • Looking ahead, the BoT will release the latest foreign reserves data on Friday. Next week, focus moves to customs trade balance & BoT MonPol decision.
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