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Baht Looks Past BoT's Warning On Role Of FX In Fanning Inflation

THB

Spot USD/THB continues to operate in familiar territory despite the latest round of comments from the Bank of Thailand, which flagged its concern about the inflationary consequences of currency depreciation.

  • The BoT warned that prices of goods and services could increase if the baht keeps weakening as ~75% of imports are quoted in dollars. The Monetary Policy Committee will thus monitor the exchange rate to prevent it from accentuating existing price pressures.
  • However, the central bank also said that it does not intend to slow down economic recovery as price increases are driven by supply-side factors rather than a pick up in demand.
  • Spot USD/THB last +0.138 at THB38.220, off the earlier session high (THB38.283). Familiar technical contours remain in play.
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