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Free AccessBoT Still Not Set on August Lift Off?
BoT Assistant Governor Piti Disyata appeared to push back against expectations of an imminent rate rise during a Bloomberg interview. The BoT official stated the central bank wants to normalise policy in a gradual manner, as the economic recovery is just beginning. It was added that the trade-off between moving too early and too late on rates is a narrow one they are attempting to steer.
- This looks a little less hawkish than comments from the BoT Governor recently, which emphasized the need to tighten soon, to avoid larger increases later on.
- In today's interview, the BoT Assistant Governor also stated it was important higher inflation doesn't get embedded in the system and that baht depreciation doesn't add to inflationary pressures.
- The baht has continued to depreciate today, losing a further 0.5% to 36.00 in USD/THB terms.
- Recall yesterday, June inflation in Thailand rose to 7.66% YoY, above expectations and versus 7.1% in May. Core inflation was also firmer than expected but is still coming from a low base at 2.51% YoY.
- Note the next BoT meeting is not until the 10th of August, so this is unlikely to be the last we hear on the outlook from officials.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.