Baht Marks Time, Cabinet To Discuss Relief Measures

Spot USD/THB trades flat at THB32.943 as we type, with Thai cabinet due to discuss economic relief measures before tomorrow's monetary policy decision from the BoT. Bears need Jul 29 low of THB32.820 to give way, before targeting Jul 20 low of THB32.780. On the flip side, a rebound above Jul 27 cycle high of THB32.990 would shift focus to Apr 2, 2020 high of THB33.177.

• Tuesday is when PM Prayuth chairs weekly cabinet meetings. Ministers are expected to debate further relief measures today after the recent extension & expansion of lockdown measures. The gov't said Monday that residents of the 16 provinces added to the lockdown list will receive the same level of compensation as people from the 13 regions originally placed under restrictions.
• Thailand's business sentiment index fell to 41.4 in June from 46.5 in the previous month. Consumer confidence gauge compiled by the University of the Thai Chamber of Commerce is expected to hit the wires over the coming days.
• The Bank of Thailand will deliver their monetary policy decision tomorrow (our comprehensive preview is forthcoming). Virtually all analysts expect policymakers to leave the benchmark interest rate unchanged.
• Later this week, Thursday will see the release of Thailand's July CPI data, with headline consumer-price inflation expected to have decelerated to +0.90% Y/Y, according to Bloomberg consensus forecast.