Free Trial
USDCAD TECHS

Heading South

AUDUSD TECHS

Northbound

EURJPY TECHS

Breaches Key Short-Term Support

US TSYS

Late SOFR/Treasury Option Trade

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access
THB

Spot USD/THB surged to its best levels since 2006 on Thursday, as the Asian Development Bank cut its 2022 growth forecast for Thailand but marked the inflation projection higher. Against this backdrop, the BoT's status as one of the final dovish holdouts in emerging Asia helped keep the baht under pressure.

  • Kasikornbank revised its USD/THB forecast for year-end to THB35.00 from THB33.50, noting that the adjustment was motivated by the Fed's more hawkish policy stance.
  • Political matters may be adding to the baht's weakness, with the censure debate against PM Prayuth & 10 other ministers due to wrap up with a no-confidence vote on Saturday.
  • The baht is on track to finish the week as the worst performer in emerging Asia, losing close to 0.5% to the U.S. dollar.
  • Spot USD/THB last seen -0.125 at THB36.790 as overnight dollar weakness provides some reprieve to the baht. Bears eye Jul 11 low of THB35.882 for initial support, while bulls look for a rally above yesterday's high of THB36.945 before targeting Sep 19, 2006 high of THB37.951.
  • BoT Gov Sethaput will speak to the press this morning. He may discuss interest rates and FX policies.
  • Thailand's customs trade data is expected to be published in the coming days.

To read the full story

Why Subscribe to

MarketNews.com

MNI is the leading provider

of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.

Our credibility

for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.