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Baht Outperforms, Ignoring PM Prayuth's Suspension

THB

The baht outperforms its peers in emerging Asia, shrugging off the suspension of PM Prayuth until the Constitutional Court resolves a dispute on his term limit.

  • Spot USD/THB trades -0.175 at THB35.870. From a technical standpoint, bears look for a dip through the 50-DMA (THB35.828) towards Aug 11 low of THB35.160. Bulls would be pleased by a rebound above Aug 23 high of THB36.333.
  • The SET noted that political changes in Thailand should not affect investments in the local stock market, while business leaders said they expected little impact of political developments, despite some analysts arguing to the contrary.
  • The options space also provides little evidence of any jitters surrounding PM Prayuth's suspension, with UDS/THB implied volatilities easing off across the curve.
  • Foreign investors bought a net $47.3mn in Thai equities on Wednesday. This extended the uninterrupted series of net daily inflows which started on Aug 5. The SET index finished marginally shy of neutral levels.
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