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THB: USD/THB Breaks Lower Amid Broad USD Weakness, Gold Gains

THB
GlobalEM BulletBulletAPACEmerging Market NewsRegionThailand

USD/THB has broken lower in the first part of Friday trade. The pair sub recent lows near 33.50, last close to 33.30. This is 1.3% stronger in baht terms for the session. Levels wise we could see 33.00 targeted. Note that early 2023 lows in the pair came in around 32.57. Recent highs have been marked close to 34.00. 

  • Broader USD weakness, led by JPY gains is likely helping THB. US yields are firmly lower in the first part of Friday trade, led by the front end, the 2yr yield under 3.60%, as renewed speculation continues on the size of the first Fed cut next week.
  • Higher gold prices, another THB positive, is also a factor. Bullion reaching fresh record highs in early Asia Pac dealing today.
  • We have the BoT Governor speaking this morning (9am local time). Weekly FX reserves for Thailand print later. 

Fig 1: USD/THB Breaking Lower 

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USD/THB has broken lower in the first part of Friday trade. The pair sub recent lows near 33.50, last close to 33.30. This is 1.3% stronger in baht terms for the session. Levels wise we could see 33.00 targeted. Note that early 2023 lows in the pair came in around 32.57. Recent highs have been marked close to 34.00. 

  • Broader USD weakness, led by JPY gains is likely helping THB. US yields are firmly lower in the first part of Friday trade, led by the front end, the 2yr yield under 3.60%, as renewed speculation continues on the size of the first Fed cut next week.
  • Higher gold prices, another THB positive, is also a factor. Bullion reaching fresh record highs in early Asia Pac dealing today.
  • We have the BoT Governor speaking this morning (9am local time). Weekly FX reserves for Thailand print later. 

Fig 1: USD/THB Breaking Lower 

Keep reading...Show less