BoT Warns That Growth Targets Can Be Missed

Spot USD/THB added a handful of pips at the re-open and last sits +3 pips at THB29.91, after the BoT used its quarterly MonPol report to issue a warning about the condition of domestic economy.

• The BoT warned that the spread of new Covid-19 infections at the start of the year has exceeded its expectations, which "increased the possibilities that the economy would underperform the baseline projection" of 3.2% Y/Y growth this year and 4.8% Y/Y growth next year.
• In local politics, Thailand's largest opposition party said that it is planning to start debate on a no-confidence motion against PM Prayuth on Jan 27.
• PM Prayuth reiterated today that half of Thailand's population will get free Covid-19 jabs this year, at the time when the country is battling a resurgence of virus infections.
• A move through Jan 5 high of THB29.98 would allow bulls to target Dec 28, 2020 high of THB30.17. Conversely, a fall through Jan 4 & 5 lows of THB29.84 would give bears a green light for taking aim at THB29.76, the low print of Dec 18, 2020.
• Thailand's consumer confidence from Thai Chamber of Commerce is due within less than two hours.