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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.
THB
USD/THB sits off earlier highs, last in the 35.45/50 region. This is little changed on yesterday's closing levels. Not long after the open we gaped higher towards 35.60 but this move proved short lived. As the chart below highlights, moves into this region in 2023, have not proven to be sustainable.
- Like elsewhere in the region, the Thailand authorities may be on guard against a sharp rally in USD/THB through previous highs.
- The local data calendar remains empty until Friday's FX reserves data. The Federation of Thai Capital Market Organizations (FETCO) stated investor confidence surged in August to 141.27 from 83.45 prior. FETCO noted the new government has raised optimism around stimulus and the growth outlook.
- Thailand equities are firmer today, +0.30%, but remain comfortably off late August highs. Offshore investors remain net sellers of local equities, -$84.9mn so far in September.
Fig 1: USD/THB Has Found Selling Interest Above 35.50 In 2023
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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