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BoT Gov Sticks To Gradualist Script, Court To Rule In PM's Term-Limit Case

THB

Spot USD/THB trades -0.095 at THB37.997, operating near multi-year highs printed earlier this week. The baht has been the second-worst performer in emerging Asia this week, with the BoT's cautious stance doing little to support the domestic currency.

  • From a technical viewpoint, bears need a move through the 50-DMA (THB36.490) to breathe a sigh of relief. Bulls look for a clearance of Sep 28 high of THB38.450 before targeting Jun 14, 2006/May 24, 2006 highs of THB38.595/38.615.
  • BoT Gov Sethaput stood by the central bank's gradualist approach to monetary tightening and hands-off approach to the baht in his Thursday comments, despite evidence of broadening price pressures. The Governor noted that raising interest rates in measured steps is appropriate, while the BoT "won't go against the market in taking care of the baht." At the same time, he conceded that "if inflation is different from our expectations, we are ready to reconsider our approach."
  • Foreign investors were net sellers of $55.59mn in Thai stocks Thursday, while the SET index declined to its worst levels in more than three months.
  • All eyes are on the Constitutional Court's ruling in PM Prayuth's term limit case.
  • Thailand's BoP data headline the local economic docket today.
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Spot USD/THB trades -0.095 at THB37.997, operating near multi-year highs printed earlier this week. The baht has been the second-worst performer in emerging Asia this week, with the BoT's cautious stance doing little to support the domestic currency.

  • From a technical viewpoint, bears need a move through the 50-DMA (THB36.490) to breathe a sigh of relief. Bulls look for a clearance of Sep 28 high of THB38.450 before targeting Jun 14, 2006/May 24, 2006 highs of THB38.595/38.615.
  • BoT Gov Sethaput stood by the central bank's gradualist approach to monetary tightening and hands-off approach to the baht in his Thursday comments, despite evidence of broadening price pressures. The Governor noted that raising interest rates in measured steps is appropriate, while the BoT "won't go against the market in taking care of the baht." At the same time, he conceded that "if inflation is different from our expectations, we are ready to reconsider our approach."
  • Foreign investors were net sellers of $55.59mn in Thai stocks Thursday, while the SET index declined to its worst levels in more than three months.
  • All eyes are on the Constitutional Court's ruling in PM Prayuth's term limit case.
  • Thailand's BoP data headline the local economic docket today.