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Baht Loses Ground After NESDC Downgrades Thailand's Growth Outlook

THB

Spot USD/THB goes bid as onshore markets re-open, with participants digesting yesterday's GDP data/revisions to projections from Thailand's main forecaster. The pair deals +0.037 at THB34.557, with bulls keeping an eye on May 13 high of THB34.783, followed by May 11, 2017 high of THB34.815. Conversely, the key near-term layer of support has been defined at THB34.018/34.000, which represent May 5 low/psychologically significant round figure.

  • Q1 GDP data released Tuesday beat expectations, but the National Economic and Social Development Council (NESDC) revised its 2022 growth estimate lower, citing the Russo-Ukrainian war and China's COVID-19 outbreak. Officials also expect inflation to quicken more than anticipated earlier.
  • Thailand's Cabinet agreed to expand and extend the excise tax reduction on diesel prices to THB5/litre (from THB3/litre) for two months to mitigate the impact of rising energy prices. The new rate will kick in on May 20, upon the expiry of the current subsidy.
  • The local data docket is virtually empty during the remainder of the week.
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