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Baht Pares Initial Losses Registered On Return From Holiday

THB

Spot USD/THB has given back most of its opening gains and last deals +0.073 at THB38.155, as onshore Thai markets re-open after a holiday-elongated weekend. Bulls look to force their way through Sep 28 high of THB38.450, while bears take aim at Oct 6 low of THB37.125.

  • Bloomberg MIPR function shows that 35bp worth of monetary tightening is priced for the next three months, with BoT set to hold just one rate review over that time horizon, on November 30.
  • Foreign investors shed a net $24.55mn in Thai stocks last Wednesday, the final trading day before the local holiday. The SET index fell 0.12%, approaching support from Oct 3 cyclical low of 1,561.
  • There is little of note on the local data docket this week, outside of the regular update on foreign reserves. Elsewhere, the BoT will hold a quarterly analyst meeting at 10am local time today.

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