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USD/THB Falters Despite Golden Cross & Local Covid Worry


Spot USD/THB has turned its tail in early trade, as USD weakness has outweighed concerns over Thailand's Covid-19 situation. The rate last sits -0.072 at THB31.290, even as the golden cross formation has materialised on the daily chart.

  • The private sector (via Thai Chamber of Commerce chair) expressed readiness to support the gov't's attempts to speed out the vaccine roll-out. At least 14 malls and large offices in Bangkok will be transformed into vaccination sites, with search for more locations in other provinces ongoing.
  • The mass vaccination scheme is likely to begin in June, with the Health Ministry expecting 16mn of seniors and people with underlying medical conditions to receive the jabs in Jun/Jul.
  • The first AstraZeneca jabs produced in Thailand will be delivered in June, after Siam Bioscience received approval to manufacture the vaccines.
  • Officials continue to debate new measures to contain the spread of infections. PM Prayuth chairs a meeting of the Covid-19 task force today at 14:00 local time to decide on fresh restrictions.
  • The Finance Ministry's Fiscal Policy Office holds a briefing on its new economic forecasts.
  • Thailand's BoP current account balance, trade data and the weekly update on the BoT's foreign reserves are all due Friday.
  • The latest sell-off comes alongside a nearly completed bearish failure swing in the RSI. Should the index move below 57.58, bears could hope for a deeper sell-off.
  • If USD/THB slides under Apr 19 low of THB31.173, a double top pattern would unfold, putting bears back in the driving seat. Conversely, a rebound above Apr 26 high of THB31.493 would allow bulls to take aim at Apr 12 cycle high of THB31.575.

Fig. 1: USD/THB

Source: MNI - Market News/Bloomberg

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