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THB Firms Up After Thai Lawmakers Pass Budget Bill

DOLLAR-THB
Spot USD/THB started the week on a softer footing, with a decline in the DXY contributing to the move. Some further pressure may have been exerted by the passage of a THB3.28tn budget by the lower house of Thai parliament late on Friday. The adoption of the spending plan opens the path to unleash fiscal efforts aiming to boost economic recovery.
  • Dep PM Supattanapong Punmeechaow said last week that the government will boost cash handouts to revive domestic demand.
  • Tens of thousands of people took part in an anti-government rally in Bangkok on Saturday, in the biggest protest since the 2014 military coup, demanding constitutional change and calling for a general strike next month.
  • The rate sits -12 pips at THB30.98 and bears look for a dip through Sep 1 low of THB30.95, which would give them a green light for targeting Jun 24 low of THB30.81. Bulls need a clearance of Sep 17 high of THB31.27 before taking aim at the 50-/200-DMAs at THB31.32/36.
  • On Wednesday, Thailand releases customs trade balance and the BoT delivers its monetary policy decision. All of the analysts surveyed by BBG expect policymakers to stand pat.
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