Thailand: USD/THB may test the recent high of 33.1 – Westpac

Impact on the tourism sector is extended along with the travel restrictions, per Westpac Institutional Bank. USD/THB is sitting at 32.670.

Key quotes

“Economic impact, together with a dovish BoT, said to be studying a number of unconventional policy options including asset-purchase program and yield curve control, is weighing on the baht.”

“Support to the local bond market appears to be mostly from local investors. Implieds are high compared to yields and hence foreign flows are not coming in.”

“USD/THB may test the recent high of 33.1.”