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THB30 Remains Magnetic, BoT Briefing Eyed

THB

Spot USD/THB trade at THB29.98, just 1 pip shy of neutral levels, as it continues to waver within a narrowing range around the THB30.00 figure. Little in the way of local catalysts to inspire larger price swings.

  • Thailand's Finance Ministry confirmed that wealthier citizens will not be eligible for the double monthly THB3,500 cash handouts, without specifying the eligibility threshold.
  • A move through THB29.84, which cushioned losses on Jan 4 & 5, would signal potential for an attack at Dec 18, 2020 cycle low of THB29.76. Conversely, a jump above Jan 12 high of THB30.19 would clear the way to the 50-DMA/Christmas Eve's high/23.6% recovery of the Jul - Dec slide at THB30.23/24/25.
  • The BoT will hold a briefing on the economic impact of the latest outbreak of Covid-19 at 13:00 local time.
  • Focus moves to next Friday's trade data from Thailand's Customs Office.

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