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Baht Draws Some Light Support From BoT Comments

THB

An anaemic recovery attempt in spot USD/THB has been capped by comments from the BoT's quarterly analyst meeting, which stressed the need for timely adjustment of monetary policy to anchor inflation expectations.

  • The central bank said it still sees inflation expectations anchored within the target range in the medium term, but short-term expectations are rising, as are upside risks for inflation.
  • Subsequent remarks reinforced the Bank's recent pivot towards stimulus withdrawal, as the MPC pledged to focus on preventing the economy from overheating, noting that it can hold an interim meeting if needed (not a base case scenario at this point).
  • The BoT said that the baht may strengthen in the medium term as economic recovery gains traction.
  • Spot USD/THB last deals -0.045 at THB35.438, familiar technical picture remains in play.
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An anaemic recovery attempt in spot USD/THB has been capped by comments from the BoT's quarterly analyst meeting, which stressed the need for timely adjustment of monetary policy to anchor inflation expectations.

  • The central bank said it still sees inflation expectations anchored within the target range in the medium term, but short-term expectations are rising, as are upside risks for inflation.
  • Subsequent remarks reinforced the Bank's recent pivot towards stimulus withdrawal, as the MPC pledged to focus on preventing the economy from overheating, noting that it can hold an interim meeting if needed (not a base case scenario at this point).
  • The BoT said that the baht may strengthen in the medium term as economic recovery gains traction.
  • Spot USD/THB last deals -0.045 at THB35.438, familiar technical picture remains in play.