Baht Steady Ahead Of BoP Data, Covid Case Count Falls To Lowest Since Jul 27

Spot USD/THB remains trapped within yesterday's range, last deals +0.007 at THB32.465. Should the rate cross above the recently breached 50-DMA at THB32.678, bulls would be able to take aim at Aug 26 high of THB32.835. Bears look for a slide through Jul 6 low of THB32.067 towards the 100-DMA/Jul 1 low at THB31.980/31.978.

• The four-day censure debate against PM Prayuth and five other ministers starts today, with no-confidence votes coming up on Sep 4. All ministers are expected to survive the votes.
• There are a slew of Thai data releases coming up today, including BoP current account balance and trade balance. Later this week, focus moves to Markit M'fing PMI & Business Sentiment Index, due Wednesday.
• Thailand reported its lowest daily count of new Covid-19 infections in more than a month and the lowest number of deaths in two weeks.
• The Cabinet more than doubled Thailand's Covid-19 economic relief programme Monday, adding THB44.bn for funding measures targeting the 29 provinces most affected by the outbreak of the pandemic.