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Thailand Believes Economy Has Bottomed Out

THB

Spot USD/THB trades +0.103 at THB33.350. Bulls would be pleased by a clearance of Oct 18 high of THB33.488, which would shift topside focus to Oct 6 high/round figure of THB33.990/34.000. Conversely, a move through Oct 26 low of THB32.985 would allow bears to take aim at the 100-DMA at THB32.823.

  • Dep PM Supattanapong said that the economy has bottomed out and started to recover, amid improvement in domestic Covid-19 situation. He noted that the economy may grow 5%-6% Y/Y next year if there are no further rounds of outbreak.
  • Thai National Shippers' Council chair Chaichan said that export growth is expected to slow to +5.0% Y/Y next year from +12.0% forecast for this year, owing to the anticipated normalisation in global demand and inventory.
  • The University of the Thai Chamber of Commerce will publish their consumer confidence gauge tomorrow. After that, focus will turn to CPI data, due Friday.
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