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USD/THB Sitting Close To 35.60 Resistance Point

THB

USD/THB once again gaped higher at the open towards 35.60, but hasn't been able to breach this level. The pair last near 35.57. We continue to see resistance around this level, which marked mid August highs. Late June highs were around 35.75.

  • The local data calendar remains quiet, with just FX reserves data out tomorrow.
  • Focus remains on the roll out of the new government's fiscal policy agenda. PM Srettha is set to unveil policy priorities next Monday. Cash handouts, through a so-called digital wallet, lower energy prices and debt relief are some of the main focus points (see this link for more details).
  • The Thailand House Speaker will reportedly meet with 3 whips today to discuss details around the new policy initiatives.
  • Later today, the Thai Bankers Association, Federation of Thai Industries and Thai Chamber of Commerce will hold a monthly meeting (3pm local time) to discuss the economic outlook.
  • In the equity space, the SET index finished yesterday near 1550. Offshore investors continue to sell local equities, with a further $20.8mn in outflows yesterday.

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