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Baht Refreshes Cycle Lows

THB

Spot USD/THB resumes gains, hitting fresh cyclical highs this morning. The pair last deals +0.110 at THB36.773, with next firm resistance seen at Sep 19, 2006 high of THB37.951. Bears look for a pullback under THB35.882, which limited losses on Jul 11.

  • Analysts are divided over the most probable outcome of today's Bank Indonesia meeting, but most expect a stand-pat decision. The rest forecast a 25bp rate hike, which would leave the Bank of Thailand as the last dovish holdout in emerging Asia.
  • Political jitters may be adding pressure to the baht as Thai parliament resumes the no-confidence debate against PM Prayuth and 10 other ministers. Lawmakers will vote on the motion this Saturday.
  • Thailand's main COVID-19 panel will hold a briefing today to provide an update on the current situation.
  • As a reminder, Thailand's customs trade data will be released on Friday.
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Spot USD/THB resumes gains, hitting fresh cyclical highs this morning. The pair last deals +0.110 at THB36.773, with next firm resistance seen at Sep 19, 2006 high of THB37.951. Bears look for a pullback under THB35.882, which limited losses on Jul 11.

  • Analysts are divided over the most probable outcome of today's Bank Indonesia meeting, but most expect a stand-pat decision. The rest forecast a 25bp rate hike, which would leave the Bank of Thailand as the last dovish holdout in emerging Asia.
  • Political jitters may be adding pressure to the baht as Thai parliament resumes the no-confidence debate against PM Prayuth and 10 other ministers. Lawmakers will vote on the motion this Saturday.
  • Thailand's main COVID-19 panel will hold a briefing today to provide an update on the current situation.
  • As a reminder, Thailand's customs trade data will be released on Friday.