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Baht Steady After Weakening Last Friday

THB

The baht weakened sharply against the greenback on Friday by 0.9% reaching a high of 36.48 but today it pulled back a bit to a low of 36.23 helped by a lower US dollar and higher gold prices. USDTHB is currently little changed at 36.39 and is 1.6% higher over the last week as outflows continued.

  • Despite the baht weakness against the dollar on Friday, the JP Morgan NEER rose 0.1% on the day but is still down 0.9% this month.
  • Last week equity foreign outflows amounted to $1.05bn bringing the month-to-date outflows to $1.14bn. The SET index is down 0.4% today but is still up 0.3% in March. Regional equities are mixed but ASEAN is seeing a broad-based sell off.
  • The focus of the week is likely to be on Tuesday’s customs and Friday’s overall trade data for February as the trade surplus is looking vulnerable. February manufacturing data print on Thursday.
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