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Baht Trims Initial Losses, PM Prayuth Sees GDP Growth Accelerating In 2023

THB

Spot USD/THB has trimmed its opening gains and last deals +0.063 at THB36.193, supported by greenback purchases related to the latest round of Fed repricing.

  • Bulls need a clean break above Jul 21 high of THB36.945 to confirm that the broader uptrend remains intact. Bears look for a pullback under Aug 1 low of THB35.975, which would open up the 50-DMA at THB35.416.
  • The government sees faster than expected rebound in tourism providing a boost to economic recovery, Prime Minister Prayuth said after yesterday's Cabinet meeting. He noted that Thailand may return to pre-pandemic growth next year, when it is forecast to expand by 4.2% Y/Y. The Prime Minister added that inflation is expected to decelerate to +2.5% Y/Y in 2023 from +6.2% pencilled in for this year.
  • The next update on Thailand's CPI will be released on Friday. Headline inflation is expected to have accelerated to +8.00% Y/Y in July from +7.66% recorded in June.
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