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Baht Fragile On BoT Inaction

THB

Spot USD/THB has climbed to fresh multi-year highs, encouraged by the Bank of Thailand's explicitly stated hands-off approach.

  • The central bank said it doesn't plan to hold an interim monetary policy meeting. The next rate review is slated for August 10.
  • Officials have earlier played down potential for aggressive tightening and signalled reluctance to intervene in FX markets.
  • Spot USD/THB last deals +0.105 at THB36.620. Bulls target Oct 2, 2015 high of THB36.665, while bears see initial support at THB35.882, the low print of Jul 11.
  • Looking ahead, Thailand's customs trade data will hit the wires next Friday.

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