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Baht Trims Losses Into Close, SET Index Reverses Its Uptick

THB

Spot USD/THB trimmed its earlier gains into the close and finished the session at 34.265, slightly above neutral levels, as participants monitored the BoT's on-hold monetary policy decision and headlines surrounding the government formation process.

  • The SET Index briefly firmed as the Pheu Thai Party announced an overhaul of its post-election coalition, but then reversed gains as the session progressed, finishing ~0.4% lower on the day.
  • Election front-runners MFP will leave the coalition led by Pheu Thai Party, who will nominate Srettha Thavisin for Friday's PM vote, seeking support from other parties. The composition of the revamped coalition will be unveiled tomorrow.
  • The Bank of Thailand raised the policy rate by 25bp and said that it is close to the neutral level, while the next move in rates will be a hike or a hold. Maybank wrote that the BoT may deliver another 25bp hike but is nearing the end of the cycle.
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