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Continued Equity Inflows Support Baht


Spot USD/THB trades -0.062 at THB37.755 as greenback weakness returns. The baht has been the second best performer in emerging Asia this week, narrowly lagging the South Korean won. From a technical perspective, bears look for a dip through the Oct 6 low/50-DMA at THB37.125/THB37.113. Bulls take aim at Oct 20 cycle high of 38.465.

  • Foreign investors were net buyers of $65.11mn in Thai stocks Thursday, representing a fifth consecutive day of inflows amid renewed offshore demand. The SET index charted a bullish outside candlestick, printing a new monthly high in the process.
  • The BoT will publish the weekly update on foreign reserves today. The stack of foreign reserves shrank in the week through Oct 14 to the lowest level since early Sep 2017.
  • Elsewhere, the Finance Ministry will release revised 2022 and 2023 economic growth forecasts at 11am local time.

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