USD/THB Breaks Above 37.00, Thursday CPI Print In Focus

USD/THB has broken above 37.00 in the first part of trading on Tuesday. The pair last near 37.05, which is down slightly from session highs (37.10). Still, this is first move above 37.00 since November last year. November 9th highs from last year came in at 37.39, while earlier in that month we were around the 38.00 level. On the downside, the 20-day EMA continues to track higher, last near 36.15.

• Baht weakness is in line with fresh USD index highs post yesterday's onshore spot close. Local equities sentiment is also downbeat, with the SET closing near 2023 lows yesterday (index near 1469.50). Offshore investors remain modest net sellers of local equities (-$18.1mn).
• The local data calendar is quiet until Thursday's inflation prints for September.
• PM Srettha will give a speech later today (1:30pm local time). Also note at 10:30am local time, the Shippers Council will provide an update on the export backdrop.
• The PM and BoT Governor met yesterday, with the government playing down reports of any rift between the two parties. PM Srettha stated he plans to meet with the BoT Governor each month (see this BBG report for more details).