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Baht Slips Ahead Of Monthly CPI Report

THB

Spot USD/THB has crept higher and now operates +0.103 at THB34.452. Topside technical focus falls on THB34.783, which capped gains on May 13, marking a cycle peak. Bears look for a retreat towards the THB34.048/34.018/34.000 support area, which represents May 30 low/May 5 low/round figure.

  • ICYMI, Parliament approved a draft THB3.19tn budget for FY2023 in first reading, allowing PM Prayuth to breathe a sigh of relief amid intensifying frictions within the ruling coalition.
  • Monthly CPI data will be released out of Thailand later today. Headline inflation is expected to have accelerated to +5.90% Y/Y in May, according to Bloomberg consensus forecast.
  • This will be the last major data release ahead of Wednesday's monetary policy decision from the Bank of Thailand. All but two economists surveyed by Bloomberg expect the Bank to keep the benchmark policy rate unchanged.

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