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Baht Under Pressure As Greenback Outperforms, Budget Debate & BoP Data Eyed

THB

Spot USD/THB trades +0.105 at THB34.182 as the greenback catches bid after a holiday. From a technical perspective, a firm push through May 26 high of THB34.350 would allow bulls to take aim at May 13 cycle high of THB34.783. On the downside, the key layer of support lies at THB34.018/34.000, which represent May 5 low/round figure.

  • PM Prayuth is preparing for a busy political season. Parliament will begin the first reading of the FY2023 budget bill today, while the opposition is planning to submit a censure motion on June 15.
  • Elsewhere, the Public Health Ministry will consider lowering its COVID-19 alert level in selected provinces to Level 2 this week.
  • Thailand's BoP data hits today, ahead of the release of Business Sentiment Index on Wednesday.
  • BoP current account balance is expected to have flipped into a deficit of $1.600bn in April from a surplus of $1.245bn recorded in March.
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