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Baht Holds Near Wednesday's Highs Amid Continued Rise In Tourist Arrivals

THB

Spot USD/THB trades -0.025 at THB37.730, after posting its largest drop since Oct 4 yesterday. Further losses past Oct 6 low/50-DMA at THB37.125/37.065 would flag potential for a deeper sell-off. Bulls need a clearance of Oct 20 cycle high of 38.465 for topside momentum to return.

  • The government reported an 11.4% M/M increase in foreign tourist arrivals amid ongoing recovery of the critical tourism sector. Malaysian visitors topped the list, followed by travellers from India, Laos and Singapore.
  • Foreign investors were net buyers of $22.47mn in Thai stocks Wednesday, the fourth consecutive day of inflows. The SET index tested the territory above its 100-DMA before pulling back and closing in the red.
  • BoT Gov Sethaput will deliver a keynote address at the BoT Digital Finance conference shortly. Elsewhere, PM Prayuth will speak on accelerating Thailand's post-pandemic recovery.
  • The BoT will release its weekly update on foreign reserves tomorrow. The stack of foreign reserves shrank in the week through Oct 14 to the lowest level since early Sep 2017.

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