THAILAND: Ministry of Finance Chief Asks BoT to Manage THB to Support Exports
Comments from the Thai Ministry of Finance Chief have been crossing the wires following the BoT's unexpected 25bp rate cut yesterday. As a reminder, the MPC voted 6-1 to reduce the policy rate by 25bps, with the sole dissenter calling for a hold, but subsequently said that the move did not represent an easing cycle and the bar for next cut is high. A majority of analysts had been expecting a hold. Below comments from the Finance Chief via Reuters News:
- "Planning more debt support measures"
- "Asks central bank to manage baht to support exports"
- "Weaker baht will help exports"
- "Asks central bank to ensure interest rates help investment"
- "Central bank said it would ease loan to value rules for property market"
- "Interest rate cut should increase commercial bank lending"
- "Interest rate cut will support confidence, economic recovery"
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US 10YR FUTURE TECHS: (H5) Monitoring Resistance At The 50-Day EMA
- RES 4: 110-25 High Dec 12
- RES 3: 110-19 76.4% retracement of the Dec 6 - Jan 13 bear leg.
- RES 2: 109-31 High Dec 18
- RES 1: 109-12+ 50-day EMA
- PRICE: 108-29+ @ 10:35 GMT Jan 28
- SUP 1: 108-00/107-06 Low Jan 16 / 13 and the bear trigger
- SUP 2: 107-04 Low Apr 25 ‘24 and a key support
- SUP 3: 107-00 Round number support
- SUP 4: 106-11 2.00 proj of the Oct 1 - 14 - 16 price swing
The medium-term trend condition in Treasury futures is down, however a bullish short-term cycle highlights a corrective phase and the contract is holding on to its recent gains. Attention is on 109-12+, the 50-day EMA - a level tested on Monday. A clear break of this EMA would strengthen a bullish theme and open 109-31, the Dec 18 high. The bear trigger is 107-06, the Jan 13 low. Initial support has been defined at 108-00, the Jan 16 low.
US: SOFR FIX - 28/01/25
SOFR FIX - Source BBG/CME
- 1M 4.31032 -0.00268
- 3M 4.28689 -0.00698
- 6M 4.22963 -0.0166
- 12M 4.13904 -0.04071
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