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Baht Remains Afloat On Continued Equity Inflows

THB

Spot USD/THB last deals -0.040 at THB35.385, consolidating below its 50-DMA. Bears look for renewed losses past Aug 11 low of THB35.160, which would clear the way to Jun 29 low/100-DMA at THB34.960/34.805. Bulls eye Jul 21 high of THB36.945 for firm resistance.

  • Global funds have been net buyers of Thai equities on each day since Aug 5, buying a net $141.2mn in local stocks on Tuesday. The SET index has extended its bullish run today, breaking above its 200-DMA/61.8% retracement of the Apr - Jul slide.
  • The Cabinet gave a nod to draft legislation that would extend sovereign guarantee to borrowing and debt repayment by the Oil Fuel Fund Office. It also agreed to spend THB48bn on another round of welfare projects for low-income earners.
  • FinMin Arkhom speaks on investment amid rising interest rates this afternoon.
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