USD/THB Rebounds From Low 34.00 Region, BoT On Wednesday, Possible PM Vote On Friday In Focus

USD/THB has recovered further ground today. The pair last in the 34.25/30 region. Lows from late last week near 34.00 held and this region, and back near 33.75, have been recent support points. All of the key EMAs remain further north, with the 20-day the closest at 34.52.

• Some of today's move was likely due to catch up with dollar moves late last week, with onshore Thailand markets closed on Friday. Overall though we remain within recent ranges for the pair.
• The main macro focus this week will be on the BoT decision on Wednesday, with +25bps expected, which is a fairly broad based consensus. Later today we do get June BOP and trade data.
• On the political front, the new PM vote may take place this Friday, although that will depend on how the Constitutional Court rules on the petition for the rejected renomination of MFP PM candidate Pita. If it accepts the petition the PM vote on Friday will not take place.
• How the coalition led by Pheu Thai looks is the other focus point, with new partners potentially joining the coalition, which give it enough votes to secure the PM position, although these new parties have historically had disagreements with MFP (see this link for more details).