Spot USD/THB Can't Sustain +36.00 Levels As Onshore Markets Return

Spot USD/THB is comfortably lower in the first part of Tuesday trade, the pair last near 35.88 (slightly up from session lows). Onshore markets were closed yesterday, and we ended last Friday at 36.11. This is a baht gain of around 0.65% and largely reverses losses from Friday's session.

• Moves above 36.00 have not been sustained in Feb. There may be official resistance to moves above this level.
• Since last Friday, the USD index has moved off recent highs, which has likely helped at the margin. Gold prices, which have tracked higher as well is another positive.
• We aren't too far away from the 20-day EMA, which sits near 35.816. Dips below this support point have ultimately proven to be USD buying opportunities against THB since early Jan this year.
• On the data front, we get Jan BoP/current account figures on Thursday. Greater focus, at least from a BoT standpoint, will be on the Feb CPI print, due between the 1st of Mar to the 11th (per BBG).