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Outperformance Trimmed Further

THB

USD/THB is among the strongest performers within the USD/Asia space today. The pair reached a high of 33.095, but is now back around the 33.02 level. This is highs in the pair back to Jan 19. Through the middle part of Jan we saw offers emerge on moves close to 33.20. On the downside, support is evident between 32.60/32.80.

  • The baht is around 0.4% weaker for the past week, unwinding some of the outperformance seen earlier in the year. THB remains the best performer, but only by a slim margin (+4.85%, with IDR next best at +4.57%).
  • This consolidation appears to represent some caution around the China re-opening theme, or at least a lot of good news was already in the price. Onshore concern around the pace of baht gains, particularly from a competitiveness standpoint, is the other headwind.
  • Flows from equities have been evident in terms of offshore investors (-$80.7mn yesterday, -$206.1mn for the week). Outflows have been evident from local bonds as well.
  • Later today, FX reserves for the week ending January 27 are due. Next week CPI is due on Monday.
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