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Baht Moves Away From Cyclical Low, Fallout From BoT Analyst Meet Eyed

THB

Spot USD/THB extends its pullback from cyclical highs printed last Friday, as risk reprieve observed after Asia hours reverberates across Asia EM space. The pair last deals -0.055 at THB35.438.

  • If Jun 23 low of THB35.325 gives way, bears could take aim at Jun 16 low of THB34.830. Meanwhile, a jump above Friday's high of THB35.573 would shift focus to Jan 9, 2017 high of THB35.799.
  • Momentum indicators come under scrutiny as the pair has been diverging from its upper Bollinger band over the past few days, while the RSI is in overbought territory but heading downwards now.
  • We fleshed out some of the notable goings-on in Thai politics in an earlier bullet, with the stability of the ruling coalition set to grow in importance ahead of next year's general election.
  • The Bank of Thailand will hold its quarterly analyst meeting this morning.
  • Elsewhere, PM Prayuth chairs a meeting on national land policy.
  • On the data front, the Customs Dept will publish monthly trade data later today. Trade deficit is expected to have shrank to $1.450bn in May amid an 8.40% annual growth in exports.
  • Looking further afield, industrial output data will be released Wednesday, with BoP figures due Thursday & Business Sentiment Index coming up Friday.
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