Baht Falters, FinMin Arkhom's Speech & Foreign Reserves Data On Tap

Spot USD/THB trades +0.127 at THB37.467, taking its cue from yesterday's post-Asia risk aversion. Topside technical focus falls on Sep 28 high of THB38.450, while bears look for renewed losses past the 50-DMA, which kicks in at THB36.571.

• Foreign investors bought a net $10.1mn in Thai stocks Thursday, while the SET index finished ~0.6% higher on the day. The index struggled to punch through the round figure/38.2% retracement of the Sep 12 - Oct 3 sell-off at 1,600/1,601. Note that investor confidence in a recent Fetco survey fell 41.8% last month, entering bearish territory.
• BoT Asst Gov Piti said in an interview that markets should be listening to the central bank's communications instead of focusing just on interest rate moves. He noted that the BoT will "not deliberately surprise the market," but this will not stop it from "doing what we think is needed." Thailand's central bank has been notorious in lagging the pace of tightening known from most of its peers from emerging Asia, while offering forward guidance for gradual and measured steps.
• The floods that struck Thailand have sparked concerns about the recovery of the local tourism industry, with the Tourism Authority of Thailand planning new stimulus measures.
• FinMin Arkhom will deliver a speech at a seminar hosted by the Securities & Exchange Commisssion today. Elsewhere, the BoT will publish the weekly update on foreign reserves.