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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
THB
USD/THB has mostly stayed on the front foot today, albeit finding selling interest above 34.90. We last tracked at 34.80/85, around 0.15% weaker in baht terms for the session. This follows yesterday's strong 1.6% gain. We are somewhat wedged between the 100-day EMA (34.69) and the 200-day EMA (close to 34.90). We remain comfortably below recent highs near 35.40.
- The baht rebound is somewhat out of line with the continued softness in Thai equities, see the chart below. The SET is down a touch further today and remain near recent lows.
- Offshore investors remain sellers of local equities, with a further -$87mn in outflows yesterday. Some offset came positive bond inflows ($155.4mn).
- Today's custom trade data was weaker than expected, exports -4.50% y/y, the trade deficit at -$4.65bn, but this follows Tuesday's headline trade data, which also disappointed. Hence the market should be too surprised by today's result.
- More positive news was from the Feb tourist arrival numbers, which topped 2million for the third straight month. We are still well below 2019 levels, but the trend is improving.
Fig 1: Thai Equities Not Following Firmer THB Tone (Baht Inverted On The Chart)
Source: MNI - Market News/Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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