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Free AccessThailand's Social Unrest Undermines THB
Spot USD/THB has added 6 pips and last changes hands at THB31.23 amid continued social unrest in Thailand. Lawmakers are set to decide how to respond to the ongoing turmoil during a special meeting today, as tens of thousands of protesters have held rallies in the capital for the last few days, defying a ban on gatherings, taboo on criticising the royal family and threat of police intervention. PM Prayuth emerged from a meeting reminding that MPs & ministers will discuss the matter today.
- The BoT decided to extend its THB500bn loan programme for SMEs to provide them with further relief amid the coronavirus crisis.
- Bullish focus falls on Oct 14 high/50-DMA at THB31.28/30 and a move through those levels would turn focus to the 100-DMA at THB31.33, followed by Oct 7 high of THB31.39. On the downside, a fall through Oct 15 low of THB31.13 would turn focus to THB31.05, which limited losses on Oct 9 & 12.
- Looking ahead, Thailand's customs office will release trade figures on Thursday.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.