THAILAND: BoT Says Inflation Should Return To Target By End-2024
The statement from the BoT's monetary policy meeting, which resulted in a 6-1 vote in favour of unchanged interest rates, notes that "the Thai economy is projected to expand as anticipated, driven by tourism and domestic demand, while overall exports are gradually recovering. Inflation is expected to return to the target range by the end of 2024."
- "One member voted to cut the policy rate by 0.25 percentage point to reflect Thailand’s lower potential growth as a result of structural challenges, and to partly alleviate debt-servicing burden for borrowers."
- "Medium-term inflation expectations remain consistent with the target, and headline inflation is anticipated to gradually return to the target range by the end of 2024. However, there is a need to monitor potential extensions of government price subsidies."
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GERMAN AUCTION PREVIEW: On offer tomorrow
THe DFA has announced the coupon size of its Sep-26 Schatz
to be opened at its auction tomorrow, July 23, to be at 2.70%. E5bln of that Schatz will be sold.
USDCAD TECHS: Bear Threat Still Present Despite Recent Gains
- RES 4: 1.3899 High Nov 1 and a key resistance
- RES 3: 1.3846/55 High Apr 16 and the bull trigger / High Nov 10 2023
- RES 2: 1.3755/3792 High Jul 2 / High Jun 11
- RES 1: 1.3748 High Jul 19
- PRICE: 1.3743 @ 08:16 BST Jul 22
- SUP 1: 1.3590/89 Low May 16 and a key support / Intraday low
- SUP 2: 1.3547 Low Apr 9
- SUP 3: 1.3512 50.0% retracement of the Dec 27 - Apr 16 bull cycle
- SUP 4: 1.3478 Low Apr 4
USDCAD has recovered well from its recent low. However, a short-term bear threat remains present, for now. Recent weakness resulted in a test of 1.3590, the May 16 low and a key support. A clear breach of it would highlight an important technical break and pave the way for an extension lower near-term. Initial firm resistance to watch is 1.3755, the Jul 2 high. Clearance of this level would alter the picture and highlight a bullish development.
AUDUSD TECHS: Support Remains Intact
- RES 4: 0.6895 High Jul 13 / 14 2023
- RES 3: 0.6871 High Dec 28 and a key resistance
- RES 2: 0.6839 High Jan 02
- RES 1: 0.6799 High Jul 11
- PRICE: 0.6666 @ 08:03 BST Jul 22
- SUP 1: 0.6666 50-day EMA
- SUP 2: 0.6661 Low Jul 22
- SUP 3: 0.6576 Low Jun 10 and a key support
- SUP 4: 0.6558 Low May 8
AUDUSD prices faded into the Friday close and remain heavy early Monday. Initial firm support has broken at 0.6712, the 20-day EMA and the close below here signals scope for a deeper retracement. The bull trigger is at 0.6799, the Jul 11 high. A break would resume the uptrend and pave the way for a climb towards 0.6839 next, the Jan 2 high. Moving average studies are in a bull-mode set-up highlighting a rising trend over the medium-term.
