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Baht Gains Ahead Of BoT Rate Review, 50-DMA Gives Way

THB

Spot USD/THB keeps sinking after breaching its 50-DMA for the first time since early March. The pair last deals -0.322 at THB35.440, with bears looking for a dip towards Jun 29 low of THB34.960. On the flip side, a rebound above Jul 21 high of THB36.945 is needed to reignite bullish momentum.

  • PM Prayuth will chair a weekly Cabinet meeting today, with a press briefing on any new decisions due later in the day.
  • The BoT will announce its monetary policy decision tomorrow and virtually all analysts expect to see the first rate hike since 2018. Most call for a 25bp move, but three dissenters in a Bloomberg survey have forecast a 75bp hike. See earlier bullets for our complete preview.
  • On the eve of the MPC meeting, FinMin Arkhom called for a modest rate hike to protect nascent economic growth. He added that he sees CPI peaking this month and easing in Q4.
  • Later this week, focus will move to consumer confidence data from the University of the Thai Chamber of Commerce, due for release on Thursday.
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