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USD/THB Finds Support In Broken Channel Top

THB

Spot USD/THB trades -0.055 at THB31.403 at typing, despite yesterday's strong performance of the greenback. The rate has rejected trendline resistance-turned-support at THB31.354 in early trade. A clean break here would open up the 50-DMA at THB31.133. Conversely, should bulls manage to force a break of May 18 high of THB31.510, they could target Apr 12 high of THB31.575.

  • Thailand imposed restrictions on movement of workers at construction sites and dormitories in Bangkok, after these locations have been identified as Covid-19 hotspots.
  • Meanwhile, PM Prayuth said that employees under Section 33 of the Social Security Act & residents of nine provinces deemed critical for national economy will be prioritised in Covid-19 vaccine rollout.
  • Bangkok Metropolitan Administration holds a briefing on the local Covid-19 outbreak today. On the data front, customs trade balance & BoT foreign reserves are due tomorrow.
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