Published at 03:20 (GMT) 05 Sep
TheNation: The UTCC survey found that the Thai Consumer Confidence Index (CCI) had improved for the fourth consecutive month in August, to 80.1 points compared with 78.2 in July. The August figure, though still below the 100-point baseline, was the highest in 13 months. Rising consumer confidence last month was attributed to the appointment of junta leader General Prayuth Chan-ocha as prime minister and a new Cabinet, lowering of fuel prices, a positive outlook for next year's economic expansion, the stable policy interest rate, a rising stock market, and slight appreciation of the baht. Athough confidence is on the rise, the UTCC found consumers had high expectations on future economic growth, meaning the new government will need to stimulate disbursement of the state budget and reverse the slide of agricultural prices very quickly.
As expected, the dip below 32.00 in USD/THB proved to be limited, with prices back at 32.08 - 12. No surprise to see the pair higher after the broad USD rise in the market, and the Wednesday's high of 32.16 looks increasingly likely to be broken. Next target remains at 32.35, and we expect an eventual move higher. 10 year yields trading a tad lower at 3.68%. C.L
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