MNI: US Consumers See Lower Inflation, Better Jobs - NY Fed

MNI BRIEF: Risks To Growth Evident, Await Dec Forecasts -Rehn

MNI China Daily Summary: Tuesday, November 12

MNI BRIEF: Prolonged Tightening If Expectations Worsen - BCB

MNI: PBOC Net Injects CNY107.2 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1927 Tues; +1.32% Y/Y

EZ/UK Bond Supply Calendar: IT, UK, DE, PO Auction Wednesday

MNI: US REDBOOK: NOV STORE SALES +4.8% V YR AGO MO

MNI: CANADIAN SEP BUILDING PERMITS +11.5% MOM

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

FED: Powell's Time Looks Up, Replacement Could Be Less Willing To Cut Rates?

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

THB: USD/THB Rebounds But Earlier Nov Highs Intact

THB
GlobalEM BulletBulletAPACEmerging Market NewsRegionThailand

USD/THB has pushed higher in the first part of Monday dealing, playing catch up with USD gains post the onshore close on Friday. We were last 34.25/30 off around 0.80% in baht terms. We are short of recent highs (34.455) and very close to the 100-day EMA. A clean break higher could see the 200-day near 34.88 targeted. Downside support should be evident near 33.75-80, near the 20 and 50-day EMAs. 

  • The baht is weaker in line with broader USD trends, while the softer yen and lower gold price so far today are additional headwinds. Yield momentum remains firmly skewed to US developments, which were still supported at the front end last week,.
  • Official pushback to baht weakness may be limited, given some parts of government are happy with weaker FX levels. BoT doesn't target specific FX levels, but will be mindful of rapid shifts and its impact on domestic sentiment. The inflation and growth backdrops though argue for easier financial conditions. The THB TWI (per Goldman Sachs) is still 8% above earlier 2024 lows.
  • The general portfolio trend is also for outflows, with the equities and bonds recording net outflows last week. The SET is largely rangebound between the 1450-1500 level.
  • This Thursday we get consumer confidence figures, then next Monday is Q3 GDP. 
215 words

To read the full story

Close

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.

USD/THB has pushed higher in the first part of Monday dealing, playing catch up with USD gains post the onshore close on Friday. We were last 34.25/30 off around 0.80% in baht terms. We are short of recent highs (34.455) and very close to the 100-day EMA. A clean break higher could see the 200-day near 34.88 targeted. Downside support should be evident near 33.75-80, near the 20 and 50-day EMAs. 

  • The baht is weaker in line with broader USD trends, while the softer yen and lower gold price so far today are additional headwinds. Yield momentum remains firmly skewed to US developments, which were still supported at the front end last week,.
  • Official pushback to baht weakness may be limited, given some parts of government are happy with weaker FX levels. BoT doesn't target specific FX levels, but will be mindful of rapid shifts and its impact on domestic sentiment. The inflation and growth backdrops though argue for easier financial conditions. The THB TWI (per Goldman Sachs) is still 8% above earlier 2024 lows.
  • The general portfolio trend is also for outflows, with the equities and bonds recording net outflows last week. The SET is largely rangebound between the 1450-1500 level.
  • This Thursday we get consumer confidence figures, then next Monday is Q3 GDP.