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Baht Weakens Ahead Of BoT Policy Review, Industrial Output Data

THB

Spot USD/THB has climbed in line with regional trend, as the BBG/J.P. Morgan Asia Dollar Index prints 20-year lows. The rate changes hands +0.100 at THB38.077, with bulls now looking for gains past Jun 14, 2006/May 24, 2006 highs of THB38.595/38.615. Bears eye the 50-DMA (THB36.427) for initial support.

  • Foreign investors sold a net $40.18mn in Thai stocks Tuesday, which came on the heels of a $50.58mn outflow on Monday. The SET index fell ~0.7% on the highest volume since Apr 26, as the spectre of aggressive Fed tightening loomed large.
  • The Bank of Thailand will announce its monetary policy decision within a few hours (see our preview here). Most economists expect the Committee to raise the key policy rate by 25bp, but broadening price pressures and weak exchange rate support the case for a more aggressive move.
  • As we await the BoT's monetary policy review, monthly industrial production data will hit the wires today. Headline manufacturing production index is expected to have increased 9.00% Y/Y in August, according to Bloomberg consensus.
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