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Baht Revisits Cycle Lows

THB

Risk-off flows prompted spot USD/THB to re-test recent cycle highs at THB36.340. The rate has backed off there and now sits +0.113 at THB36.288.

  • Topside technical focus falls on Oct 2, 2015 high of THB36.665. Conversely, a dip through yesterday's low of THB35.882 would bring Jun 29 low of THB34.960 into play.
  • BoT Gov Sethaput reiterated on Monday that the normalisation of monetary policy will be gradual to ensure a "smooth take-off" for the economy. The Governor added that the baht will be allowed to move in line with market forces.
  • PM Prayuth presides over the weekly Cabinet meeting today.

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