Baht Falters In Line With Regional Trend

Spot USD/THB has crossed above its 50-DMA and last deals +0.258 at THB35.930. Bulls set their sights on THB36.945, a cycle high printed on Jul 21. Conversely, bears look for a slide through Aug 11 low of THB35.160.

• Foreign funds remained net buyers of Thai stocks last Friday, buying a net $44.4mn of local equities. This was less than Thursday's $172.1mn but extended an uninterrupted series of days with net inflows that started on Aug 5.
• The back end of last week brought some positive news for Thailand's critical tourism industry. The government said it will allow foreign visitors to extend their stay, while hotel operators signalled the intention to boost investment budgets.
• PM Prayuth chairs a meeting of the National Strategy Committee today, while Energy Min Supattanapong holds a briefing on energy prices.
• Later this week, customs trade data will be published Wednesday. On that same day, Thailand's Constitutional Court will decide whether to hear a petition to resolve a dispute on the expiry date of PM Prayuth's tenure.