Baht Rangebound, Digests Inflation Data

Spot USD/THB trades +0.043 at THB33.800, holding a narrow range so far. Bulls look to a move through Sep 30 high/round figure of THB33.978/34.000, which would expose Jul 11, 2017 high of THB34.140. Conversely, a fall through Oct 1 low of THB33.625 would shift focus to Sep 23 low/50-DMA at THB33.155/33.114.

• The ruling PPRP handed incumbent PM Prayuth a nomination for their prime ministerial candidate in the next general election.
• Dep PM Supattanapong said Tuesday that the gov't has set a 5% GDP growth target for 2022. The official noted that the gov't is planning to boost growth by stimulating private consumption and increasing infrastructure spending.
• Elsewhere, the Commerce Ministry revised their 2021 inflation forecast range to +0.8%-1.2% Y/Y from +0.7%-1.7%. The revision came after the Ministry released monthly CPI data, which showed that consumer price growth unexpectedly accelerated in September amid a surge in oil prices and the termination of state subsidy for key utilities.
• Looking ahead, the University of the Thai Chamber of Commerce will publish consumer confidence data on Thursday. Headline index fell to a record low in August, taking a hit from the outbreak of Covid-19 and related lockdown restrictions.