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Baht Tops Asia EM Scoreboard This Week, Still Underperforms In 2021

THB

Spot USD/THB has retreated in early trade and last sits -0.105 at THB33.350, with bears looking for further losses past Jul 29/20 lows of THB32.820/32.780. Bulls keep an eye on the fresh cycle peak of THB33.490 printed yesterday. A clean break here would clear the way to Jul 20, 2018 high of THB33.518.

  • Thailand's central bank warned that the prolonged nature of the Covid-19 pandemic means that commercial lenders and clients should focus on long-term debt restructuring, as "short-term debt suspensions or restructurings are not proportionate to the suffering of bank clients" (as quoted by the Bangkok Post).
  • The BoT will publish the usual weekly update on foreign reserves today, before focus turns to next Monday's Q2 GDP.
  • The baht has been the best performer in the Asia EM basket this week, despite clearly underperforming its regional peers this year so far.
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