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Fresh USD/THB YTD Highs, BoT Assistant Governor On BBG TV Later

THB

USD/THB has gapped higher in the first part of Friday trade, the pair last near 36.35/40, nearly 0.90% weaker versus end levels yesterday in baht terms. This puts the pair to fresh highs going back to Oct last year. On the downside, the 20-day EMA sits back near 35.88, but is trending higher, like the other EMAs as well. A break above 36.50 could see the market targeting early Oct highs above 37.00 in the pair.

  • Yesterday did deliver some modest portfolio inflows into local equities and bonds, but we remain comfortably negative in week to date terms. Local equities continue to display a lower beta with respect to global moves.
  • For baht, sensitivity to broader USD shifts and the Fed outlook remain high. Earlier this week we also had concerns raised around bank lending growth in the first part of 2024, which may be additional headwind for the growth outlook.
  • The data calendar just has weekly FX reserves data on tap today. Note though the BoT Assistant Governor for the Monetary Policy Group will reportedly be on BBG TV later, so the BoT outlook, recent THB weakness could be in focus.
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