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

THB

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.

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