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Baht On Back Foot Despite Thursday's Equity Inflow

THB

Spot USD/THB has crept higher and last trades +0.208 at THB38.363, with the baht pressured by risk aversion. A clearance of yesterday's high of THB.38.465 would shift focus to the round figure of THB40.000. On the downside, a retreat under Oct 6 low of THB37.125.

  • Foreign players were net buyers of $66.77mn in Thai equities Thursday, the largest inflow since Oct 3. In a broader perspective, the momentum behind outflows has slowed towards the end of the week, with the 5-DMA moving above the 20-DMA. The SET index found poise and added 0.25% through the day, but struggled to test its 100-DMA.
  • The BoT will release its weekly update on foreign reserves today. In the week through Oct 7, reserves printed at $199.8bn, staying near the lowest level since Nov 2017. The central bank attributed the recent drop to the revaluation in non-dollar assets in relation to the appreciating greenback.
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