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Baht Slips On Defensive Feel, Trade Data Eyed

THB

Spot USD/THB has resumed gains after a marginally softer re-open. A broader defensive feel is hurting the baht as Russian tanks roll deeper into Ukrainian territory.

  • The rate last trades +0.025 at THB32.583, printing best levels in more than a week. Bulls set their sights on Jan 20 low of THB32.822, a former breakout level. Bears need a pullback under Feb 18 low of THB32.088 to see a resumption of the downtrend.
  • FinMin Arkhom projected that Thailand's public debt will increase to 62% of GDP in FY2022 from 59.6% as of end-2021, adding that the government's ability to maintain this debt level depends on achieving the economic growth rate of +4.0% Y/Y.
  • PM Prayuth and FinMin Arkhom will attend an event on household debt today. Prayuth is also set to hold a joint briefing with Malaysia's PM Ismail Sabri during the latter's state visit.
  • The latest trade data from Thailand's Customs Dept may hit the wires as soon as today. Apart from that, focus turns to next week's m'fing production index, trade balance & BoP current account balance (Monday) as well as CPI (Friday).

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