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Baht Extends Gains, PDMO Plays Down Risk From Rising Interest Rates

THB

Spot USD/THB re-opened on a softer footing, extending its recent losses, following the release of Fed minutes overnight. The document failed to provide any hawkish surprises, applying pressure to the greenback.

  • The rate sits -0.143 at THB32.215, resting upon support from Aug 31 low of THB32.215. A clean break here would point to building bearish momentum, shifting focus to Jul 6 low of THB32.067. On the topside, initial focus falls on THB32.783/32.822, which represents Feb 11 high/Jan 20 low.
  • The Public Debt Management Office (PDMO) played down the risk from rising global interest rates to Thailand's financial position, noting that the government's debt portfolio is dominated by long-term bonds with fixed interest rates.
  • PM Prayuth will address lawmakers this morning, with parliament set to begin debate on a censure motion against the government's handling of Covid-19 outbreak, inflation and economy.
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