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Weekly Cabinet Meeting Up Today, USD/THB Sees Bulls In Driving Seat

THB

Spot USD/THB has been happy to cling onto yesterday's gains, ignoring the DXY's downswing seen Monday after the end of play in Thailand. The rate last sits +0.035 at THB31.643, in close proximity to a new multi-month high of THB31.663 printed Monday.

  • The rate closed above its 200-WMA Monday and charted a bull flag formation, reinforcing the impression that topside momentum is mounting. Next resistance is located at THB31.745, which represents the high print of Sep 28, 2020. Conversely, a retreat under former channel top at THB31.439 would bring the 50-DMA at THB31.299 into play.
  • A Bangkok Post source said that the BoT will hold a meeting with financial institutions this week to discuss proposed reduction to ceiling rates applied to targeted consumer products. Ceiling rates for some products with rates above 20% per year are expected to be trimmed by at least 1-2%.
  • The Public Health Ministry said they are looking into the need to provide third "booster" jabs to people who are already fully vaccinated against Covid-19.
  • PM Prayuth chairs a weekly cabinet meeting today. Ministers are expected to look into the final plan of the "Phuket Sandbox". Elsewhere, the Thai parliament will hold a vote on a referendum bill.
  • Thailand's customs trade balance & the BoT's latest MonPol decision, both due Wednesday, headline the local docket this week. Consensus sees the BoT stand pat on interest rates. Click here to see the insights from our Policy Team on the upcoming BoT decision.
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