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Baht Outperformance Trend Stalls

THB

USD/THB is slightly firmer in the first part of trade, last just above 32.84. This puts us +0.25% above closing levels from yesterday. This is slightly at odds with the stronger tone the majors have seen against the USD, while CNH and KRW are also generally trading on the front foot. The past week has seen the baht flatline against the USD, with only INR a weaker performer in the region.

  • In terms of ranges, moves to the low 32.60 region in USD/THB were supported yesterday, while on the upside, moves towards 32.90 have capped the pair in the past week. Beyond that is 33.00/33.20 region from earlier in the month.
  • Coming up shortly (9:30am local time), the finance ministry will release its revised 2023 GDP forecasts.
  • Today, the data calendar just contains FX reserves data for the week ending 20th of Jan.
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