Spot USD/THB last deals -0.040 at THB35.463, with downside technical focus falling on Aug 11 low of THB35.160. Below there opens the 100-DMA at THB34.785. Conversely, bulls set their sights on Jul 21 high of THB36.945.
- The Thai economy grew slower than forecast in Q2, data released Monday showed. GDP expanded 2.5% Y/Y, undershooting the median estimate of +3.1%.
- BoT Gov told TNN that Q2 GDP showed economic recovery has started, even as the print was lower than expected, mostly due to inventory and private investment. However, tourism performed better than anticipated.
- The central bank chief added that inflation may quicken this month before gradually easing. Policymakers are still planning to raise interest rates gradually in order to minimise the impact on fragile groups.
- Global funds bought a net $162.7mn in Thai equities on Monday, which was the largest net inflow since the last day of May. The recent uptick in equity inflows coincides with a move higher in the benchmark SET Index.
- PM Prayuth chairs the weekly Cabinet meeting this morning.
- The domestic data docket is virtually empty during the remainder of this week, save for the regular update on foreign reserves, due Friday.
Fig. 1: Thailand Stock Exchange Foreign Investors Net Flows ($mn) vs. SET Index
Source: MNI - Market News/Bloomberg