USD/THB Driven By Post-NFP Impetus

Spot USD/THB dipped at the reopen, as the baht has risen in tandem with regional peers, catching up with the greenback's post-NFP decline. The rate last changes hands -0.097 at THB31.077.

• A break below the nearby May 5 low of THB31.072 would open up the 50-DMA at THB30.937. Conversely, bulls look for a jump above May 7 high of THB31.280, followed by Apr 26 high of THB31.493.
• Late doors on Friday Thailand's Finance Ministry suggested that 2021 GDP growth may be faster than +2.3% Y/Y, owing to a suite of new stimulus measures prepared by the cabinet. Fiscal Policy Office chief said that the Ministry will seek cabinet approval for the first round of stimulus measures this week.
• BoT Gov Sethaput warned that the nation's economic recovery will take "quite some time," delayed by Thailand's reliance on the tourism sector. The BoT downgraded its 2021 GDP growth forecast to +1.5-2.0% Y/Y, with the final reading contingent upon the speed of Covid-19 vaccine rollout.
• Elsewhere, the national tourism panel reaffirmed tourism reopening plans, despite the recent resurgence of new coronavirus cases.
• Thailand's daily Covid-19 tally rose past 2,000 cases Sunday, with Bangkok recording 980 cases. Metropolitan Administration extended restrictions in the capital through May 17 last week.
• The Federation of Thai Industries will hold a briefing on business sentiment & the Federation's support for the national Covid-19 inoculation campaign. As a reminder, PM Prayuth recently held talks with major Thai business groups to discuss ways in which the private sector could help in vaccinating Thai workers.