USD/THB Back Sub 35.00, Govt Revises Fiscal Plan

USD/THB sits close to session lows, last in the 34.85/90 region. Earlier we got to 34.825, which was lows back to Dec for the pair. Volatility remains high though, earlier highs this week were near 35.84.

• At this stage baht is around 0.45% stronger and the best performing Asian currency in Friday trade to date. A good chunk of this though reflects catch up with USD weakness post yesterday's onshore spot close.
• Equities are continuing to recover from recent lows, while offshore investors added $100mn to local shares yesterday. Dec as a whole still remains negative from a flow standpoint. Bond outflows have also been recorded in Dec to date.
• The Thailand government has revised its projected peak in public debt to GDP (64.2% in fiscal year 2026) see this link for more details. Fiscal spending is expected to be a key driver of growth.
• The data calendar is light over the course of the next week, with FX reserves data on tap later today.