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Free AccessBaht Gains Despite Monday's Equity Outflow
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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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.