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Baht Remains Heavy

THB

Spot USD/THB has crept higher, building on its recent strength, although yesterday's high remains intact. The rate last deals +0.058 at THB34.378.

  • The next key layer of resistance has been defined at THB34.815, which capped gains on May 11, 2017. On the flip side, a retreat under the THB34.000 figure would allow bears to breathe a sigh of relief.
  • The Ministry of Tourism and Sports said that the Thailand Pass is expected to be scrapped from June 1, after the Test & Go scheme is lifted from May 1, as the government is trying to revive tourism activity.
  • Thailand's manufacturing production index will be released later today, with BoP data coming up Friday. Industrial output growth is expected to have slowed to +2.00% Y/Y in March from +2.75% prior.
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