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Downside Risks To Outlook Spoil Industrial Output Beat

THB

Above-forecast industrial output reading for the month of August failed to provide any support to the baht, with the Thai currency weakening as the data crossed the wires.

  • Headline manufacturing production index rose 14.52% Y/Y after a revised 6.39% increase in July, beating the consensus forecast of +9.00%. The annual expansion in output was fastest in 14 months as several sectors recovered from pandemic disruptions.
  • The Office of Industrial Economics warned that volatility in global financial markets and local flooding may hurt exports and production, while the impact of currency weakness, rising costs and recession risk in key export markets need monitoring.
  • Spot USD/THB trades +0.150 atTHB38.127, operating just shy of cyclical highs (THB38.140) as greenback strength persists.
  • CNH/THB trimmed its earlier losses and last deals at THB5.2740, down 154 pips on the day. It is supported by an ascending trendline which kicks in at THB5.2594.
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