Thailand Sees Faster Growth As Tourism Reopens

Spot USD/THB trades +0.102 at THB32.857, seemingly supported by broader market impetus rather than any idiosyncratic catalysts. Bulls look to gains past the 100-DMA at THB33.010, which would open up Oct 18 high of THB33.488. Bears look for a dip through Nov 18 low of THB32.565, which would expose Sep 6 low of THB32.333.

• FinMin Arkhom revealed that the economy could grow +1.2% Y/Y this year +4.5% in 2022, topping the earlier forecasts of +1.0% and +4.0% respectively, as the key tourism sector reopens in Q4. The government's new forecasts match those of the National Economic and Social Development Council but are considerably better than the BoT's.
• Thailand's trade balance unexpectedly flipped into a deficit of $370mn in October from a surplus of $610mn in the previous month, according to the latest data from the Customs Department.
• PM Prayuth brushed away accusations that he intends to use the 20-year national strategy to cling on to power for the next two decades amid speculation that it would act as a "straightjacket" for future governments.