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Baht Slips With Political Matters, Customs Trade Data In Focus

THB

Spot USD/THB creeps higher as the U.S. dollar finds poise, while the recent suspension of PM Prayuth raises political uncertainty in Thailand. The rate last deals +0.075 at THB35.900.

  • A break above Aug 23 high of THB36.333 would give bulls a green light for targeting Jul 21 high of THB36.945. Bears eye Aug 11 low of THB35.160 for initial support.
  • The steam of foreign inflows into the Thai stock market continued on Thursday. Offshore investors bought a net $52.2mn in local equities. The SET index climbed to its highest point since Jun 6.
  • Political risk remains under scrutiny this week as pressure is growing on Prayuth Chan-o-cha to step down as Defence Minister after the court suspended his as Prime Minister pending clarification of his term limit.
  • Elsewhere, the Bangkok Post reported that a national committee may reach final decision on the first minimum wage hike since 2020 as soon as today.
  • Customs trade data for the month of July and the weekly update on foreign reserves headline the domestic data docket today.
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