Virus Worry Still Front & Centre

Spot USD/THB sits at THB31.322, marginally below neutral levels, with focus on the resurgence of Covid-19 and its implications for Thailand's economic recovery. The rate holds yesterday's range as we type.

• Moody's warned that curbs imposed to constrain the third wave of coronavirus may negatively affect Thailand's economic recovery and fiscal position.
• PM Prayuth said Wednesday that the gov't wants to increase its vaccine stock by 50% to 100mn doses this year. Thailand plans to purchase 35bn further doses from two or three manufacturers. Attempt to boost the vaccination drive are likely motivated by mounting concerns that a sluggish rollout would delay plans to open borders for tourists.
• Thai Public Health Ministry reiterated that it deems the Sinovac jab safe, after seven vaccinated patients displayed stroke-like symptoms. They all promptly received appropriate medication and recovered.
• Thailand's Customs Dept will release trade data for the month of Mar on Friday. The BoT's weekly update on foreign reserves is due later that day. Car sales should hit the wires by the end of this week.
• PM Prayuth will speak with Indonesian Pres Widodo today, ahead of this weekend's ASEAN summit. Elsewhere, the Health Ministry holds a briefing on the local Covid-19 situation.
• A break below THB31.173, which limited losses on Apr 19, would open up Mar 26 low of THB31.060. Bulls look for a rally past Apr 12 cycle high of THB31.575.