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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.
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 (%)
Source: MNI - Market News/Bloomberg
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.
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