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THB: USD/THB Steady, MoF Looks For BoT To Support Growth

THB
GlobalEM BulletBulletAPACEmerging Market NewsRegionThailand

USD/THB sits near 33.75 in latest dealings, slightly weaker in baht terms for the session. We hold close to the 50-day EMA, but have maintained tight ranges overall for the past week. The 20-day EMA is near 33.49, while recent highs are at 33.87. 

  • MoF headlines crossed earlier, with body stating it expects USD/THB at 35.1 in 2024. Note the current YTD average is 35.45 for the pair.
  • The MOF nudged downs its inflation projection for 2024 to 0.4% from 0.6% and expects the BoT to play a role in supporting growth. It expects to unveil more economic measures before year end, while growth is forecast at 2.7% for this year (unchanged).
  • A more dovish BoT should weigh on THB all else equal, although the central bank sees current rates as neutral and seems reluctant to cut rates aggressively further.
  • In the cross asset space, gold prices are providing support and some offset to higher US-TH yield differentials.
  • Coming up later, we have Sep trade and Bop current account figures. 
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USD/THB sits near 33.75 in latest dealings, slightly weaker in baht terms for the session. We hold close to the 50-day EMA, but have maintained tight ranges overall for the past week. The 20-day EMA is near 33.49, while recent highs are at 33.87. 

  • MoF headlines crossed earlier, with body stating it expects USD/THB at 35.1 in 2024. Note the current YTD average is 35.45 for the pair.
  • The MOF nudged downs its inflation projection for 2024 to 0.4% from 0.6% and expects the BoT to play a role in supporting growth. It expects to unveil more economic measures before year end, while growth is forecast at 2.7% for this year (unchanged).
  • A more dovish BoT should weigh on THB all else equal, although the central bank sees current rates as neutral and seems reluctant to cut rates aggressively further.
  • In the cross asset space, gold prices are providing support and some offset to higher US-TH yield differentials.
  • Coming up later, we have Sep trade and Bop current account figures.