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Deepening Trade Deficit Makes Baht Fragile

THB

USD/THB turns bid in line with a fresh leg higher in the BBDXY index, with below-forecast trade data amplifying the baht's vulnerability. When this is being typed, the THB is the worst performer in emerging Asia.

  • Thailand's exports grew just 4.30% Y/Y in July, data from the Customs Dept showed, missing the +11.15% consensus forecast. Imports rose 23.90% versus 22.60% median estimate. As a result, monthly trade deficit deepened to $3.660bn (median forecast was $1.593mn).
  • Spot USD/THB trades +0.103 at THB35.928, familiar technical contours remain in play.

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