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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
THB
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
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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