Free Trial

USD/THB Tests Pre-LNY Lows, Eyes Thai GDP Report


Baht is happy to hug a tight range ahead of the release of Thailand's Q4 GDP data. Spot USD/THB trades at THB29.868, little changed on the day.

  • The Bangkok Post reported, citing a Revenue Department, that "starting on Sept 1, overseas businesses providing online services in Thailand will be required to register for the 7% value-added tax (VAT) liability if their annual income exceeds 1.8 million baht." Foreign platforms liable for the new tax include Google, Apple, Facebook, Netflix or YouTube.
  • Thai pro-democracy protesters clashed with the police on Saturday, with 8 demonstrators detained & 20 injured.
  • The rate is testing its lows from before the long weekend & worst levels since early Jan. Further losses past Jan 5 low of THB29.840 would give bears a green light for targeting Dec 18 low of THB29.757. Bulls look for a rally above the 50-DMA at THB30.030, which would shift focus to Feb 5 high of THB30.132.
  • PM Prayuth chairs the weekly Cabinet meeting today, with the post-Cabinet presser from the PM's spokesman due at 14:00 local time.
  • After the release of the aforementioned GDP report at the bottom of the hour, focus will move to Friday's weekly update on foreign reserves.

To read the full story



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.