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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.
THB
USD/THB is back above 37.00 in the first part of Monday trade. The pair last near 37.11. This is below earlier October highs near 37.24, but dips in the pair sub 37.00 have generally been supported in recent dealings. Lows from last week came in at 36.795, while the 20-day EMA continues to trend higher, last near 36.44.
- On the data front, just released September consumer confidence improved to 58.7 (from 56.9). On economic conditions, sentiment improved to 53.2 from 51.6. Both measures continue to recover, although we aren't yet at pre-Covid levels from late 2019. The data calendar is empty until Friday (FX reserves print).
- Still, apparent friction between the government and monetary authorities remains a source of market concern. A number of former BoT Governors have expressed concern over the new Government's cash hand out scheme (see this BBG link for more details).
- Local equities remain under pressure, which will be impacting THB to some degree (see the chart below, note that USD/THB is inverted on the chart). Offshore investors have remained net sellers of local equities, -$239.1mn in outflows last week.
- The local equity index is back to late 2020 levels.
Fig 1: Thailand Equities & USD/THB (Inverted)
Source: MNI - Market News/Bloomberg
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.
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