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THB: USD/THB Pulls Back, Wedged Between Continue Key EMAs

THB
GlobalEM BulletBulletAPACEmerging Market NewsRegionThailand

USD/THB tracks near 33.95/00 in latest dealings. We are around 0.90% stronger in baht terms for the session. Early intra session highs from Thursday trade for the pair came in at 34.455. This leaves us wedged between the 100-day EMA (near 34.34) and the 50-day EMA on the downside at 33.79. 

  • The baht has played catch up today from USD softness through Thursday trade. The  move lower today fits with the lower US-TH 2yr yield differential, which remains heavily driven by UST yield shifts. The gold recovery is also likely helping at the margins.
  • Baht sits down slightly for the past week, off a little over 0.20%, around mid range from a broader Asia FX standpoint (IDR has outperformed up nearly 0.4%, PHP is the weakest down 0.45%).
  • Comments late yesterday from the BoT didn't suggest any alarm around THB volatility, but that it would continue to be monitored.
  • The Commerce Minister noted yesterday that a weaker baht to 36-37 would aid exports and called on the BoT to cut rates further.
  • Calls on the BoT to act are likely to continue until the Thailand economy is on firmer ground.
  • Next week is fairly light data wise, with consumer confidence for Oct the only release of note. 
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USD/THB tracks near 33.95/00 in latest dealings. We are around 0.90% stronger in baht terms for the session. Early intra session highs from Thursday trade for the pair came in at 34.455. This leaves us wedged between the 100-day EMA (near 34.34) and the 50-day EMA on the downside at 33.79. 

  • The baht has played catch up today from USD softness through Thursday trade. The  move lower today fits with the lower US-TH 2yr yield differential, which remains heavily driven by UST yield shifts. The gold recovery is also likely helping at the margins.
  • Baht sits down slightly for the past week, off a little over 0.20%, around mid range from a broader Asia FX standpoint (IDR has outperformed up nearly 0.4%, PHP is the weakest down 0.45%).
  • Comments late yesterday from the BoT didn't suggest any alarm around THB volatility, but that it would continue to be monitored.
  • The Commerce Minister noted yesterday that a weaker baht to 36-37 would aid exports and called on the BoT to cut rates further.
  • Calls on the BoT to act are likely to continue until the Thailand economy is on firmer ground.
  • Next week is fairly light data wise, with consumer confidence for Oct the only release of note.