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New Cycle Lows For Baht As FinMin Says Baht Weakness Might Linger, Is +Ve For Tourism

THB

Spot USD/THB breaks above recent cycle highs as participants digest latest comments from FinMin Arkhom and overnight risk-off impetus. The pair last deals +0.250 at THB38.450 after lodging new multi-year highs at THB38.465.

  • From a technical standpoint, the next layer of resistance is provided by the psychological THB40 figure, while bears keep an eye on Oct 6 low of THB37.125.
  • Offshore investors were net sellers of $1.99mn in Thai stocks Wednesday, reducing the net YtD inflow to $4.306bn. The SET index fell 0.1% after struggling to test resistance from the nearby 100-DMA.
  • Speaking on the sidelines of the summit of APEC finance chiefs, Thailand's Arkhom Termpittayapaisith noted that baht depreciation will support the recovery of domestic tourism industry. He predicted that currency weakness might linger through 2024, while the BoT will likely tighten monetary policy in a "step by step" manner.
  • Separately, Arkhom said that the year-end stimulus packages will not be blanket schemes but targeted measures aimed at boosting domestic spending into the turn of the year.
  • The Finance Minister will hold a briefing concluding the summit this afternoon.
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