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Baht Gets Hurt With BoT In No Rush To Intervene

THB

The baht comes under pressure as the latest round of BoT speak bodes ill for the beleaguered currency, while reports of Japan's ex-PM Abe being shot have triggered broader defensive flows.

  • Thailand's central bank signalled that it would only intervene in FX markets to curb excessive volatility, adding that the baht's slump to six-year lows has reflected fundamentals.
  • The BoT also played down the need to raise interest rates in line with the Fed and said that monetary policy normalisation should be gradual as economic recovery is relatively slow.
  • The Bank warned that headline inflation may exceed +8.0% Y/Y in the coming months due to the base effect, but inflation expectations remain anchored in the medium term.
  • Spot USD/THB last -0.057 at THB36.088, back from session low of THB35.890. Familiar technical levels remain in play.
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