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USD/THB Slips Amid Greenback Weakness

THB

Spot USD/THB has shed 5 pips so far and changes hands at THB30.00, hovering just above yesterday's low of THB29.95 despite lingering concerns over new Covid-19 infections.

  • Bangkok Post reported that Thailand's Ministry of Public Health "has requested further information about the vaccine it has ordered from China following a report it might not be as effective as first thought."
  • A fall through trendline support at THB29.90 would expose Jan 5 low of THB29.84, followed by Dec 18, 2020 cycle low of THB29.76. On the flip side, a rebound above Jan 12 high of THB30.19 would allow bulls to take aim at Christmas Eve's high/23.6% recovery of the Jul 20 - Dec 18 sell-off at THB30.24/25.
  • Dep PM Prawit chairs a meeting of the large projects committee, while Tourism Min Phiphat chairs national tourism policy meeting.
  • Thailand's weekly update on foreign reserves is due Friday.

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