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Baht Stays Firm, Comments From BoT Gov Reveal Nothing New

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Spot USD/THB has remained heavy after the largest drop in years seen last Friday. The pair last deals -0.147 at THB35.800, with bears looking for a sell-off past the 200-DMA at THB35.120, albeit the RSI has now moved into oversold territory. Bulls look for a rebound above the 100-DMA at THB36.657.

  • BoT Gov Sethaput said the economy is expected to continue its gradual recovery, despite global slowdown and market volatility. The central bank intends to maintain a measured and gradual pace of rate hikes, while the next rate decision will depend on the overall economic situation. The nation's economic output should return to pre-COVID levels this year or early next year.
  • The BoT said last Friday that the baht's biggest one-day gain in more than 15 years reflects improving investor confidence amid the prospect of a sooner dovish pivot by the Fed and the adjustment to China's COVID curbs.
  • Foreign investors were net buyers of $148.48mn in Thai stocks last Friday, the largest daily inflow since Nov 1. The SET index added 1.1%, closing above its 200-DMA for the first time since Sep 22.
  • There is little of note on the local data docket this week.
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Spot USD/THB has remained heavy after the largest drop in years seen last Friday. The pair last deals -0.147 at THB35.800, with bears looking for a sell-off past the 200-DMA at THB35.120, albeit the RSI has now moved into oversold territory. Bulls look for a rebound above the 100-DMA at THB36.657.

  • BoT Gov Sethaput said the economy is expected to continue its gradual recovery, despite global slowdown and market volatility. The central bank intends to maintain a measured and gradual pace of rate hikes, while the next rate decision will depend on the overall economic situation. The nation's economic output should return to pre-COVID levels this year or early next year.
  • The BoT said last Friday that the baht's biggest one-day gain in more than 15 years reflects improving investor confidence amid the prospect of a sooner dovish pivot by the Fed and the adjustment to China's COVID curbs.
  • Foreign investors were net buyers of $148.48mn in Thai stocks last Friday, the largest daily inflow since Nov 1. The SET index added 1.1%, closing above its 200-DMA for the first time since Sep 22.
  • There is little of note on the local data docket this week.