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Baht Appreciates Ahead Of BoT Decision

THB

Early losses in spot USD/THB has taken the pair close to its YtD lows. With the rate last trading -0.077 at THB32.857, bears look for a fall through Jan 20 low of THB32.822 towards the 200-DMA at THB32.705. Conversely, a rebound above Jan 31 high of THB33.268 would help build a bullish case.

  • Thailand's daily Covid-19 caseload rose to the highest level since Sep 23 at a time when the government looks to press ahead with easing border rules.
  • The Bangkok Post reported that the Finance Ministry is considering a proposal to extend the waiver of a stock transaction tax.
  • The Bank of Thailand are expected to leave their monetary policy settings unchanged today (see our preview for more colour) and may prove to be one of the most patient Asian central banks when it comes to normalising policy.
  • Note that BoT Gov Sethaput & FinMin Arkhom will both attend an economic seminar this afternoon.
  • Elsewhere, the University of the Thai Chamber of Commerce will publish their consumer sentiment gauge on Thursday.

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