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THB: USD/THB To Fresh Multi Month Highs Amid Reports BoT Critic Appointed Chair

THB
GlobalEM BulletBulletAPACEmerging Market NewsRegionThailand

USD/THB is pushing higher in the first part of Tuesday trade. Per BBG the pair was last 34.55/60, which is fresh highs back to mid August for the pair. this puts us close to the simple 100-day MA (near 34.59). 

  • Outside of broader USD gains, news from late yesterday that a BoT critic and former member of the ruling Pheu Thai party was picked as the new central bank Chairman is weighing on baht sentiment (see this BBG link).
  • The BoT Chair doesn't dictate monetary policy but can still influence the decision making board in terms appointees.
  • A more dovish BoT outlook would weigh on THB all else equal, but this something some parts of government clearly want. '
  • For USD/THB, implied vols are ticking higher but are sub pre US election highs.
  • USD/THB technical levels could see 35.00 targeted next. Note the RSI (14) is close to overbought levels. Before 35.00 we also have 34.88 the 200-day EMA resistance point. 34.35 is the 100day EMA. 
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USD/THB is pushing higher in the first part of Tuesday trade. Per BBG the pair was last 34.55/60, which is fresh highs back to mid August for the pair. this puts us close to the simple 100-day MA (near 34.59). 

  • Outside of broader USD gains, news from late yesterday that a BoT critic and former member of the ruling Pheu Thai party was picked as the new central bank Chairman is weighing on baht sentiment (see this BBG link).
  • The BoT Chair doesn't dictate monetary policy but can still influence the decision making board in terms appointees.
  • A more dovish BoT outlook would weigh on THB all else equal, but this something some parts of government clearly want. '
  • For USD/THB, implied vols are ticking higher but are sub pre US election highs.
  • USD/THB technical levels could see 35.00 targeted next. Note the RSI (14) is close to overbought levels. Before 35.00 we also have 34.88 the 200-day EMA resistance point. 34.35 is the 100day EMA.