Trial now
EQUITY TECHS

E-MINI S&P (Z1): Holds Onto Bulk Of Recent Gains

BONDS

Core FI Cheapens Again

EUROSTOXX50 TECHS

(Z1) Bull Trigger Remains Exposed

BTP TECHS

(Z1) Support Cleared

ASIA RATES

Indian Borrowing Plan Boost Shortlived

FOREX

Greenback Continues To Creep Higher

THB

Spot USD/THB has wavered within a narrow range today, the pair last trades at THB30.21, little changed on the day. The rate is testing the 23.6% recovery of the Sep 28 - Dec 18 slide at THB30.23 and a break here would open up Nov 24 high of THB30.43. Conversely, a retreat under Dec 18 low of THB29.76 would signal that bears remain in control.

  • Thailand's gov't released a statement Tuesday after the weekly cabinet meeting, noting that it expects the budget deficit to reach THV700bn in FY2022, up 15% vs. the current FY through Oct. Ministers said that GDP is forecast to contract 6% this calendar year, before rebounding 3.5%-4.5% in 2021 and rising a further 3%-4% in 2022. The inflation target for 2021 will be left at 1%-3%.
  • The cabinet OK'd the Labour Ministry's proposal to distribute relief payments among insured workers from high-risk provinces, who were made jobless due to the Covid-19 pandemic.
  • Meanwhile, the authorities continue to watch the Covid-19 outbreak in Samut Sakhon. A Commerce Ministry off'l said assistance could be provided to regional shrimp farmers, while in a Tuesday address PM Prayuth floated the idea of further restrictions.
  • Thailand's trade surplus shrank more than expected to $53mn from $2.047bn (vs. exp. of $1.720nb). Headline print was underpinned by a smaller than exp. slowdown in the decline in exports and a larger than forecast moderation in the pace of fall in imports.
  • Focus moves to the BoT MonPol decision, due later today (see earlier bullets for our preview). The announcement will be scrutinised for any fresh insights re: THB. Elsewhere, Thai PM Prayuth discusses FY2022 budget today.
MNI London Bureau | +44 203-865-3806 | krzysztof.kruk@marketnews.com