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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 sits near 34.58/59 in latest dealings, which is slightly above Thursday closing levels. Support for the pair appears evident ahead of the 34.50 level. Recent highs came in in the 35.05/10 region, while a break of 34.50 would pave the way for a move towards May 22 lows at 34.25. The baht continues to underperform softer USD trends elsewhere. The chart below overlays USD/THB versus the BBDXY index.
- The Thai Chamber of Commerce has warned that a delay in forming the new government can hurt economic confidence. The new government is expected to be formed in Aug/Sep, with a new budget becoming effective by Q2 of next year, which would 6 months behind schedule. Still, near term economic disruptions are expected to be minimal, as protests remain orderly.
- This comes after PM candidate Pita failed to secure enough parliament votes late yesterday.
- With a light data calendar over the coming week, this is likely to remain the markets main focus point.
Fig 1: USD/THB Versus BBDXY
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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