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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessU.S. CPI Steals Limelight After BoT's First Rate Hike In Over Three Years
Spot USD/THB re-opened lower, playing catch up with overnight reaction to below-forecast U.S. CPI data and resultant greenback sales. This brings USD/THB roughly to yesterday's starting levels. The pair last deals -0.240 at THB35.325.
- A retreat under Jun 29 low of THB34.960 would confirm that bearish momentum is building, with the 100-DMA providing the next layer of support at THB34.739. Bulls look for a rebound towards Jul 21 high of THB36.945.
- The Bank of Thailand raised the one-day bond repurchase rate by 25bp in its first hike since 2018. The decision was in line with our prediction and Bloomberg consensus forecast. It was taken in a 6-1 vote in favour, while the sole dissenter backed a 50bp rate rise. We will learn more details about the meeting after the publication of edited minutes on Aug 24.
- The MPC reiterated that "the extraordinarily accommodative monetary policy will become less needed" and therefore "the policy rate should be normalised (...) in a gradual and measured manner." The language of the statement confirmed that the focus is shifting to inflation management, with less concern about growth and financial stability.
- The House committee gave a nod to a revised FY2023 spending plan in which THB7.64bn has been cut and reallocated to support 10 different schemes, the Bangkok Post reported.
- The University of the Thai Chamber of Commerce will publish its consumer confidence data later today. Headline index gained for the first time in half a year in June but remains at very low levels.
- Elsewhere, PM Prayuth will chair a meeting of the new special committee to manage economic crisis.
- Worth noting that Thailand will observe a public holiday tomorrow and domestic financial markets will be closed.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.