Baht Loses Ground, BoT Denies Intentions To Hold Emergency Meeting

Spot USD/THB has already clawed back its opening losses, as the greenback has turned bid as a function of purchases against the retreating yen. The pair had a look above recent cycle high, topped out at THB35.143 and eased off to last trade +0.030 at THB35.128.

• From a technical standpoint, topside focus falls on Mar 10, 2017 high of THB35.425. Meanwhile, a sell-off past yesterday's low of THB34.830 would bring Jun 10 low of THB34.528 into view.
• Late doors on Thursday, one of the seven MPC members denied speculation that the rate-setting panel could hold an emergency meeting soon. BoT's Kanit Sangsubhan noted that the next meeting will be held in August, in line with the schedule.
• The government on Thursday maintained price controls on a basket of 51 goods and services and expanded curbs on the movement of maize prices, as it seeks to stabilise price dynamics.
• Thailand's COVID-19 panel convenes today to debate the proposal to ease mask mandate and extend opening hours for pubs and bars.