We focus on the USD/THB (US Dollar-Thai Baht) pair which has rallied off recent lows as the resurgence in Covid-19 infections the US and other hotspots are seen delaying the recovery in Thailand’s tourism industry until next year. Businesses that rely on tourism, which is one of the country’s largest industries have seen operators devastated from the Covid-19 pandemic. These businesses have lost up to between 80 to 90 per cent of their income according to an article from the Nation Thailand news agency.
USD/THB traded to a low on June 23 at 30.59. The US Dollar closed in New York last night at 31.05 from 30.90 yesterday. Overnight high traded was 31.03. Immediate resistance lies at 31.10 followed by 31.30 and 31.60. Immediate support can be found at 30.85 followed by 30.60. Look to buy on dips in this currency pair to 30.90. The chances of a bigger move higher look promising with a target at 31.80-32.00.