November 09, 2022 02:11 GMT
Baht Outperforms On Continued Equity Inflows, Sentiment Data On Tap
The baht outperforms in emerging Asia as the combination of greenback weakness in the lead-up to the U.S. midterm elections and continued flows of foreign capital into the Thai equity market support the local currency.
- At typing, spot USD/THB trades -0.410 at THB36.895, after lodging new two-month lows at THB36.810. The penetration of the 50-DMA yesterday shifts focus to the 100-DMA, which kicks in at THB36.622. Bulls look for recovery towards Oct 20 high of THB38.465.
- The baht has been one of the top performers in Asia EM space quarter-to-date, adding 3.34% versus the greenback, with only the Korean won faring better.
- Foreign investors were net buyers of $91.52mn in Thai stocks Tuesday, another decent round of inflows. The SET index added 0.56%, closing above its 200-DMA for the first time since Sep 22.
- The Federation of Thai Industries will publish its sentiment index later today, while the University of the Thai Chamber of Commerce will release its consumer confidence gauge on Thursday.