Free Trial

Baht Firms After Equity Inflows Intensify, Thai Cabinet Meets Today

THB

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.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.