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USD/THB Back Above 20-day EMA, As PM States Rate Cuts Could Be Considered

THB

USD/THB has moved higher as today's session progressed, we were last near 34.90, +0.45% above end Friday onshore spot levels. This takes us back to late Dec levels, so within recent ranges, but we are above the 20-day EMA (near 34.74). Note the 50-day sits higher, just above 35.12.

  • Broader USD sentiment has stabilized, amid equity losses in HK/China, while the baht may also be seeing some downside pressure from comments made by Thailand PM Srettha.
  • The PM stated rate cuts could be considered amid the current low inflation environment. He added that he will meet with the BoT Governor.
  • Given Thailand's already low policy rate starting point (2.50%), any dovish turn before the Fed has moved definitely to cut rates may weigh on the baht. Note the next policy meeting is scheduled for Feb 7.
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