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THB: USD/THB Higher With US Yields, Consumer Sentiment, PM Speaking Today

THB
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USD/THB Higher With US Yields, Consumer Sentiment, PM Speaking Today

USD/THB sits at 33.75/80 in early Thursday dealings. This is around 0.40% weaker in baht terms, but more broadly the pair remains within ranges of the past week (roughly 33.50-34.00).
• Baht weakness today is in line with USD gains post yesterday's onshore spot close, as the firmer core CPI print has provided a foundation for higher Tsy yields. The 2yr US Tsy yield sits up nearly 12bps from yesterday's intra session lows.
• As we have noted previously, USD/THB moves have been closely aligned with US-TH 2yr government bond yield differentials (which are now modestly off recent lows, last near +150bps). Gold prices also sit off recent highs.
• Local equities fell yesterday (off nearly 0.90%), but remain comfortably above earlier September lows. Offshore inflows continue into local equities, now a little over $200mn this week, while bond inflows have been positive as well.
• Today we have consumer confidence data on tap.
• Focus will also be on new PM, Paetongtarn Shinawatra, who will be before parliament today talking about the government's economic agenda. Reducing household debt is a key focus point, while the cash handout to certain households looks to be smaller in scope than what prior PM Srettha envisaged. Roughly over $4bn USD versus Srettha's $14bn proposal (see this BBG link).

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USD/THB Higher With US Yields, Consumer Sentiment, PM Speaking Today

USD/THB sits at 33.75/80 in early Thursday dealings. This is around 0.40% weaker in baht terms, but more broadly the pair remains within ranges of the past week (roughly 33.50-34.00).
• Baht weakness today is in line with USD gains post yesterday's onshore spot close, as the firmer core CPI print has provided a foundation for higher Tsy yields. The 2yr US Tsy yield sits up nearly 12bps from yesterday's intra session lows.
• As we have noted previously, USD/THB moves have been closely aligned with US-TH 2yr government bond yield differentials (which are now modestly off recent lows, last near +150bps). Gold prices also sit off recent highs.
• Local equities fell yesterday (off nearly 0.90%), but remain comfortably above earlier September lows. Offshore inflows continue into local equities, now a little over $200mn this week, while bond inflows have been positive as well.
• Today we have consumer confidence data on tap.
• Focus will also be on new PM, Paetongtarn Shinawatra, who will be before parliament today talking about the government's economic agenda. Reducing household debt is a key focus point, while the cash handout to certain households looks to be smaller in scope than what prior PM Srettha envisaged. Roughly over $4bn USD versus Srettha's $14bn proposal (see this BBG link).