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Baht Keeps Struggling

THB

Spot USD/THB has trimmed its initial uptick and last changes hands +0.013 at THB35.523. The THB35.565 level touched earlier in the session represents a new cycle high for the pair.

  • Bulls now keep an eye on Jan 9, 2017 high of THB35.799, but the next firm resistance is seen at THB36.070, which capped gains on Dec 21, 2016. Meanwhile, bears look for losses past Jun 16 low of THB34.830 to start with.
  • The BoT said Thursday that headwinds to global growth are likely to result in a slowdown in exports, which will be the "main challenge" for the Thai economy later this year. Overseas shipments have been key for Thailand's post-COVID recovery amid weak domestic consumption and struggling tourism industry.
  • Elsewhere, the Thai National Shippers' Council urged local exporters to focus on regional markets in the second half of the year amid the expected continuation of Russia's war on Ukraine and deepening Sino-U.S. polarisation.
  • Looking ahead, focus turns to customs trade data (Monday), m'fing production (Wednesday), BoP data (Thursday) & Business Sentiment Index (Friday).

Fig. 1: USD/THB vs. Thailand Customs Exports Y/Y (%)

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Spot USD/THB has trimmed its initial uptick and last changes hands +0.013 at THB35.523. The THB35.565 level touched earlier in the session represents a new cycle high for the pair.

  • Bulls now keep an eye on Jan 9, 2017 high of THB35.799, but the next firm resistance is seen at THB36.070, which capped gains on Dec 21, 2016. Meanwhile, bears look for losses past Jun 16 low of THB34.830 to start with.
  • The BoT said Thursday that headwinds to global growth are likely to result in a slowdown in exports, which will be the "main challenge" for the Thai economy later this year. Overseas shipments have been key for Thailand's post-COVID recovery amid weak domestic consumption and struggling tourism industry.
  • Elsewhere, the Thai National Shippers' Council urged local exporters to focus on regional markets in the second half of the year amid the expected continuation of Russia's war on Ukraine and deepening Sino-U.S. polarisation.
  • Looking ahead, focus turns to customs trade data (Monday), m'fing production (Wednesday), BoP data (Thursday) & Business Sentiment Index (Friday).

Fig. 1: USD/THB vs. Thailand Customs Exports Y/Y (%)

Keep reading...Show less