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USD/THB Extends Gains To Multi-Month Highs, Thai Covid-19 Panel Meets

THB

Spot USD/THB continues to creep higher and last trades +0.073 at THB31.178, after hitting fresh multi-month highs today. Bulls look for further gains past Oct 29 high of THB31.285, before targeting Oct 26 high of THB31.335. Worth noting that the 50-DMA has crossed above the 100-DMA, which should please bulls. On the flip side, bears look for a pullback under the 200-DMA at THB30.786.

  • Thailand's FDA approved Johnson & Johnson's Covid-19 vaccine for emergency use in the country.
  • Thailand's Covid-19 economic panel will consider steps to attract FDI & allow vaccinated foreign tourists to travel to Phuket without having to quarantine from Jul 1. Thai Tourism Min Phiphat said that the panel will also consider a plan to give work permits to foreigners who invest $1mn or more in property.
  • The BoT will publish its weekly update on foreign reserves later today.
  • Next week's docket features M'fing Production Index, BoP report & trade balance (Wednesday) as well as Markit M'fing PMI & Business Sentiment Index (Thursday).

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