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Baht Gains Despite Monday's Equity Outflow

THB

Spot USD/THB refreshed its cyclical lows this morning after a bearish inside day on Monday. The rate has trimmed losses since and last deals -0.193 at THB35.715. For bears, the next technical target is provided by Aug 11 low/200-DMA at THB35.160/35.133. Conversely, bulls keep an eye on the 100-DMA, which kicks in at THB36.663.

  • Thailand registered the first net daily outflow of foreign capital from its equity market on Monday, with offshore investors shedding a net $64.81mn in local stocks. The SET index retreated, falling 0.85% versus the previous close.
  • The nation is preparing for hosting the APEC summit on Friday and Saturday, with PM Prayuth set to hold several bilateral meetings with foreign leaders on that occasion.
  • In the meantime, PM Prayuth chairs a weekly Cabinet meeting today. The authorities are expected to discuss extending the diesel excise tax cut.

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