THAILAND: Reports Suggest Nattapong Will Lead MFP's Successor Party, Announcement Due At Noon

Aug-08 17:06

Khaosod runs a source report noting that Nattapong Ruangpanyawut, ex Deputy Secretary General of the Move Forward Party (MFP), has been selected to become the leader of the MFP's successor party, with Thairath noting that he defeated Sirikanya Tansakul during an internal vote held Thursday afternoon. An official announcement of the new party's name and leader is expected during a press conference around noon on Friday.

  • This runs counter to earlier reports suggesting that Sirikanya Tansakul stood the best chance to become the new party's leader (see our earlier bullet here). Local media suggested that Nattapong has been praised for his "ability to coordinate work within party and pleasant demeanour." In addition, there is now speculation that the new party's name will be "Prachachon" or "People's Party."
  • The Constitutional Court's verdict has already affected parliament's work by reducing the number of MPs (5 out of 11 MFP executives who received political bans were MPs) and rendering other ex-MFP MPs partyless. One of the ousted MPs was Deputy Speaker Padipat Suntiphada, who has already vacated his seat.
  • The National Anti-Corruption Commission (NACC) confirmed that a probe into the conduct of 44 former MFP MPs is underway and should not take a long time. However, the NACC was unable to say whether the defendants would be summoned to testify already this month. Both Nattapong and Sirikanya are on the list of MPs who could potentially lose their seats once the ethics case finds its resolution.

Historical bullets

US TSYS: Review 3Y Note Auction:

Jul-09 17:06

Treasury futures pare losses slightly (TYU4 110-12, -7) after $58B 3Y note auction (91282CKZ3) strops .6bp through: 4.399% high yield vs. 4.405% WI; 2.67x bid-to-cover vs. 2.43x prior.

  • Indirect take-up slips to 63.97% vs. 64.14% prior; direct bidder take-up rebounds to 21.26% vs. 15.9% prior; primary dealer take-up falls to 14.78% vs. 19.96% prior.
  • The next 3Y auction is tentatively scheduled for August 6.

US TSYS: US TSY 3Y NOTE AUCTION: HIGH YLD 4.399%; ALLOTMENT 78.35%

Jul-09 17:02
  • US TSY 3Y NOTE AUCTION: HIGH YLD 4.399%; ALLOTMENT 78.35%
  • US TSY 3Y NOTE AUCTION: DEALERS TAKE 14.78% OF COMPETITIVES
  • US TSY 3Y NOTE AUCTION: DIRECTS TAKE 21.26% OF COMPETITIVES
  • US TSY 3Y NOTE AUCTION: INDIRECTS TAKE 63.97% OF COMPETITIVES
  • US TSY 3Y AUCTION: BID/CVR 2.67

EURUSD TECHS: Trading Closer To Its Recent Highs

Jul-09 17:00
  • RES 4: 1.0943 High Jan 21  
  • RES 3: 1.0916 High Jun 04 and the bull trigger
  • RES 2: 1.0852 High Jun 12 
  • RES 1: 1.0845 High Jul 08
  • PRICE: 1.0812 @ 16:47 BST Jul 9
  • SUP 1: 1.0769/10 20-day EMA / Low Jul 2   
  • SUP 2: 1.0666 Low Jun 26 and the bear trigger
  • SUP 3: 1.0650 Low May 1
  • SUP 4: 1.0601 Low Apr 16 and a key support 

A bullish theme in EURUSD remains in play and price continues to trade closer to its recent highs. The breach last week of the 50-day EMA, undermines the recent bearish theme and instead signals scope for an extension with the focus on 1.0852 next, the Jun 12 high. For bears, a resumption of weakness would refocus attention on the key support at 1.0666, Jun 26 low. Initial support to watch lies at 1.0769, the 20-day EMA.