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Baht Finishes Higher After BoT Expresses Readiness To Adjust Rate-Hike Pace

THB

Spot USD/THB extended losses to new intraday lows as the BoT said it was planning to stick with its "gradual and measured" moentary policy normalisation, adding that it stands ready to adjust the size and timing of rate hikes should the growth and inflation outlook change from the current assessment.

  • Thailand's central bank communicated these views in an open letter to the Finance Minister dated April 7, noting that another such letter will be issued "six months from now."
  • The rate closed -0.073 at THB34.287 as the Thai Baht finished the session as the best performer in Asia. Should bears manage to force their way through Apr 5 low of THB33.835, they could look for a deeper sell-off. On the flip side, technical watchers take note of a bullish 50-DMA/100-DMA crossover.
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