Inflation Beats Expectations, Reaches Multi-Year High

Spot USD/THB has been offered even before the release of local inflation figures, which showed that consumer prices grew at the fastest pace since 2008. The rate last changes hands -0.050 at THB32.568.

• Bears look for a dip through Mar 3 low of THB32.417 before taking aim at Feb 18 low of THB32.088. Meanwhile, a jump above the 200-DMA at THB32.802 would give bulls a green light for targeting Jan 20 low of THB32.822.
• Consumer prices in Thailand rose 5.28% Y/Y in February, smashing Bloomberg median estimate of +4.05% amid lingering concerns about rising living costs. The surge in inflation was largely driven by firmer energy prices. Core prices grew 1.80% Y/Y, beating consensus forecast of +0.66%.
• PM Prayuth expressed concern about high level of household debt, which is likely to rise amid the increase in living costs and spread of Omicron, and ordered his advisors to draft measures to address the issue.
• Consumer confidence data from the University of the Thai Chamber of Commerce, due Wednesday, headlines the local data docket next week.