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USD/THB Gaps Higher

THB

Spot USD/THB gapped higher at the re-open, catching up to yesterday's dollar outperformance, and last sits +11 pips at THB30.12. The rate is poised to finish the week on the front foot amid concerns over the impact of fresh Covid-19 restrictions implemented by the gov't.

  • Bulls look for further gains past Dec 24 high of THB30.24. Such a move would clear the way to the 50-DMA, which intersects at THB30.34 and has been intact since late Oct 2020. Bears need a pullback under Jan 4 & 5 lows of THB29.84 before targeting Dec 18, 2020 low of THB29.76.
  • Stock Exchange of Thailand holds a briefing on its plans for 2021 today, while Dep PM Prawit chairs a meeting of the Integrated Expenditure Budgeting Committee.
  • Thailand will release the weekly update on its foreign reserves today. Next week's docket is virtually empty, save for an analogical release.

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