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Prayuth To Chair Today's Cabinet Meeting, While Isolating At Home

THB

Spot USD/THB holds yesterday's range, last trades +0.017 at THB32.127. Bullish focus falls on Jul 2 cycle high of THB32.280 and a break here would open up the 76.4% recovery of the 2020 sell-off at THB32.370. Bears would be pleased by a pullback under THB31.740, which limited losses on Jun 25.

  • Thailand's headline consumer-price inflation slowed to +1.25%Y/Y in Jun from +2.44% prior, thanks to government subsidies on utility charges, according to the data released yesterday. CPI still rose faster than expected, with BBG consensus looking for a 1.12% annual increase.
  • PM Prayuth's decision to personally oversee the opening of the Phuket Sandbox has backfired and Thailand's leader will have to quarantine for a week after coming into contact with a person infected with the coronavirus. The PM will work from home despite being fully vaccinated with the AstraZeneca product and not yet having tested positive for Covid-19.
  • The Thai cabinet meets today and is expected to discuss a deal to purchase Pfizer Covid-19 jabs. Elsewhere, the Federation of Thai Industries will hold a briefing on the industrial outlook for the second half of the year.
  • Focus in Thailand moves to the consumer confidence survey conducted by the University of the Thai Chamber of Commerce. The data will be published on Thursday.
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