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USD/THB Prints New Multi-Month High Ahead Of BoT MonPol Decision

THB

Spot USD/THB registered decent gains on Tuesday, reaching an 11-month high of THB31.752, as the formation of a bull flag pattern likely helped boost topside momentum. The rate has pulled back from yesterday's high as trading resumed in Bangkok, with onshore baht playing catch up with the greenback's slide seen after the end of play on Tuesday.

  • USD/THB last sits -0.053 at THB31.700, with bears looking for a retreat under Apr 12 high of THB31.575, towards the 50-DMA at THB31.309. Bulls look to force a breach of Jul 24, 2020 high of THB31.792, which would expose Jul 20, 2020 high of THB31.858.
  • Thai authorities warned that Bangkok hospitals are running out of ICU beds, owing to the admission of new Covid-19 patients.
  • Fitch Ratings will hold a webinar on the country's sovereign and bank outlook, while Thailand's parliament will discuss 13 charter-amendment proposals today.
  • As a reminder, Thai lawmakers approved a bill which allows for holding a referendum on a constitutional overhaul. The aforementioned charter amendments are expected to be put to the vote in first reading on Thursday.
  • The Bank of Thailand will deliver their latest monetary policy decision and update their economic forecasts today. Click here to see our comprehensive preview, which includes our point of view, sell-side comments and insights from our Policy team.
  • Later this week, Thai Customs Dept will release trade data for the month of May on Friday.
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