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BoT Vows To Remain Prudent, Post-Songkran Covid Spike Eyed

THB

Spot USD/THB extends gains and last operates +0.060 at THB33.725, with bulls looking to claim Mar 28 high of THB33.802. This would shift topside focus to THB33.835, which limited gains on Dec 22. Bears need a slide through the 100-DMA/Mar 31 low at THB33.210/33.195 to get some reprieve.

  • BoT Asst Gov Piti said that the MPC will balance monetary policy management prudently. Policymakers see supply-side inflationary pressures as temporary and intend to keep an accommodative monetary policy for now. As things stand, the central bank expects inflation to peak in Q2/Q3 and then gradually normalise next year.
  • Thailand declared 16,891 new Covid-19 infections today, with the number of deaths rising to a multi-week high of 129. The Bangkok Post reported that the Public Health Ministry has been stockpiling medical supplies to prepare for a potential spike in new cases after the Songkran festival.
  • PM Prayuth chairs a weekly Cabinet meeting today. Later this week, the Customs Dept will release trade data for the month of March this Friday.
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