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Thailand's Social Unrest Undermines THB

DOLLAR-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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