Thai Cabinet Gives Nod To FY2022 Budget

Spot USD/THB has resumed gains after re-open, hitting a fresh one-week high and narrowing in on the 200-DMA, which kicks in at THB30.817. The rate last sits at THB30.785, off earlier session highs.

• PM Prayuth said that he received lists of candidates for the vacant ministerial posts from coalition partners and will make a decision on appointments following the background checks of all candidates and consultations with other parties.
• The Cabinet has approved a THB3.10tn budget for FY2022, with a deficit of THB700bn (i.e. 15% more than in FY2021). The draft budget is subject to revisions and is expected to be submitted to parliament in May.
• Thai lawmakers will discuss charter amendments today. Elsewhere, at 10:00 local time, Fitch will hold a conference on Thailand's credit outlook.
• Bulls look for a break above the aforementioned 200-DMA, which would bring Mar 9 high of MYR30.945 into play. On the flip side, a slide through Mar 12 low of THB30.513 would turn focus to the 100-DMA at THB30.299.
• Focus moves to the weekly update on foreign reserves, due Friday.