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USD/THB Back Close To 34.00 Handle, Manufacturing Production On Tap Later

THB

USD/THB sits a touch above session lows in latest dealings, last in the 34.10/15 region. This is +0.45% from a baht standpoint and a continuation of yesterday's downtrend in the pair. Some catch up to USD weakness against the majors post yesterday's onshore spot close is another positive.

  • Broader USD trends are weaker, although baht is seeing close to the strongest spot gains within Asian FX so far today (only shaded by MYR at this stage). We have seen some stability in recent dealings, with the USD paring loses across the board.
  • A break sub 34.00 in the pair could see the market target July 20 lows around the 33.76 level. Recent highs come in the 34.55/60 region.
  • Yesterday's better than expected June trade balance figures (+$58mn versus -$900mn forecast), may also be helping at the margins. Later on, we get June manufacturing production, with -3.00% y/y projected (prior was -3.14%).
  • On the political front - "The Constitutional Court will consider next Thursday whether it will accept for deliberation a petition regarding the renomination of Move Forward Party (MFP) leader Pita Limjaroenrat as prime minister" per the Bangkok post (see this link). This leaves the current political impasse as likely to continue in the near term.
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