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Baht Slips As Authorities Step Up Monkeypox Monitoring

THB

Spot USD/THB has edged higher and last operates +0.045 at THB36.667, even as the BBDXY index extends its overnight losses.

  • The key near-term topside target is provided by THB36.945, which capped gains on Jul 21. On the flip side, losses past Jul 11 low of THB35.882 would support the bearish case.
  • Quarter to date, the baht has been the worst performer in emerging Asia, despite holding up relatively well in Q1. The BoT's status as one of the last dovish holdouts and elevated commodity prices have generated headwinds for the THB, with tourism activity yet to move to a more normal gear.
  • A fresh concern for tourism related businesses comes in the way of the outbreak of monkeypox. The government raised surveillance measures over the weekend after confirming the first local case. Subsequently, Bangkok City Hall vowed to step up monitoring of at-risk localities.
  • The government returns to work after last week's censure debate, with PM Prayuth set to chair a regular Cabinet meeting today. Ruling PPRP leader Prawit suggested that he has cleared the air with six lawmakers who refused to toe the party line in two no-confidence votes.
  • On the data front, focus turns to Thailand's BoP figures, due for release this Wednesday.
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