– Asian shares and currencies gain
– Spain retains investment grade credit rating from Moody’s
– Singapore exports surprised weak
– Focus on BoE minutes to assess further QE risk
What to watch for today
THB: Unchanged. Last month’s close vote (3-2 to keep rate unchanged) has led some to anticipate the BoT will cut rates at this meeting. However, given the governor’s concerns about strong credit growth, and signs of a modest rebound in global growth and export cycle, we think the central bank will opt to leave rates on hold for now. The recent improvement in the portfolio and current account balance leaves us constructive on the baht.
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