Spot USD/THB has sold off this morning and last operates -0.097 at THB36.270 as Monday saw the greenback lose ground and the Thai equity market showed strength. Bears now look for further losses past the 50-DMA, which kicks in at THB36.146, followed by Aug 26 low of THB35.810. Bulls eye Sep 2 high of THB36.845 for initial resistance.
- Net purchases of Thai equities by foreign investors on Monday amounted to $57.0mn, while the SET index leapt higher amid risk-on sentiment. The benchmark stock index punched through resistance from Jun 1 high on its way to best levels since Apr 29.
- Interior Min Anupong has played down concerns over major floods expected in several parts of the country, even as the Tourism Authority of Thailand (TAT) said it expects adverse weather conditions to weigh on tourism activity later this year.
- Thailand's Cabinet meets today and is expected to approve new energy subsidies and minimum wage increases.
- On the data front, the University of the Thai Chamber of Commerce will publish its consumer confidence survey today.