MNI China Daily Summary: Monday, November 25

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EZ/UK Bond Supply Calendar: Gilt Syndi; IT, DE Due on Tuesday

MNI: GERMANY NOV IFO BUSINESS CLIMATE INDEX 85.7

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MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

FED: Powell's Time Looks Up, Replacement Could Be Less Willing To Cut Rates?

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USD/THB Can't Sustain Break Sub 34.00, Apr CPI On Tap Today

THB

USD/THB hasn't been able to sustain a breach of the 34.00 level. The pair last close to 34.05, against earlier lows of 33.993. Still, the baht is around 0.40% stronger versus yesterday's closing levels, aided by the continued pull back in the USD (particularly against the yen) during today's Asia Pac session.

  • A break sub 34.00 would open up early April lows at 33.835. Lows from earlier in the year came close to 32.50 (second half of Jan).
  • Outside of the USD/US yield pull back, the baht has likely benefited from a better start to offshore portfolio inflows this month. Yesterday saw a chunky $405.2mn into local bonds, +43.6mn for equities.
  • Note we also have Apr CPI coming up shortly, with the market looking for slower y/y momentum for both headline (2.70% forecast, 2.83% prior) and core (1.70% y/y forecast, 1.75% prior) inflation.
  • Politics and the election could be the other focus point. Earlier today we had a live debate on the economic policies of the nine political parties. Pheu Thai PM candidate Paerongatrn Shinawatra is also holding a press conference ahead of the final stages of the election.
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