Free Trial

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.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.