USD/THB Ticks Away From One-Month Low Ahead Of Thailand's CPI Data

USD/THB trades at THB31.08 after adding 8 pips thus far, as the spot has ticked away from a one-month low printed yesterday. Participants are already on the lookout for Thai CPI data, which will be released at the top of the hour. The rate has been driven by gyrations in the DXY, ignoring comments from Thai PM Prayuth, who said that the baht is supported by the condition of Thailand's current account and FX reserves. Prayuth added that 2020 GDP contraction will be no bigger than 10%.

• Just to recap, the Bank of Thailand acted in line with the expectations of an overwhelming majority of analysts and left its main policy rate unchanged at 0.50% during yesterday's meeting. Policymakers signalled readiness to add monetary stimulus if needed.
• The 200-DMA, intersecting at THB31.21 draws topside attention and a push through that level would encourage bulls to target the 50-DMA at THB31.33. Bears need a dip through Aug 5 low of THB30.98 before turning focus to a cycle low of THB30.81, printed on Jun 24.