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NESDC Warns Against Risks To 2023 Outlook But Baht Ticks Away From Cycle Lows

THB

Spot USD/THB deals -0.125 at THB35.353 owing to the decline in the dollar index (BBDXY) after Asia hours Wednesday, even as recession fears underpin general reluctance to increase one's exposure to risk.

  • From a technical standpoint, a clearance of yesterday's peak (THB35.522) would encourage bulls to take aim at a congestion of intraday highs near THB36.070, as this area capped gains in late 2016. Meanwhile, a pullback under Jun 16 low of THB34.830 would bring the 50-DMA at THB34.380 into play.
  • The National Economic and Social Development Council (NESDC) warned that structural changes in the geopolitical environment are creating risks for the 2023 economic outlook. Thailand's main state planning unit said geopolitics will keep disrupting global supply chains, with consequences for the Thai manufacturing sector.
  • Fitch affirmed Thailand's sovereign credit rating at BBB+ with a stable outlook, citing the nation's "sustained external finance strengths and strong macroeconomic policy framework" weighed against "weaker structural features relative to BBB peers" as well as "adverse demographic factors and potential scarring from the COVID-19 pandemic."
  • Thailand's customs trade data may hit the wires in the coming days, there is no fixed time of the release.
  • Elsewhere, BoT Snr Director Sakkapop will speak on international trade and financial markets today.
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