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USD/THB Can't test Sub 35.00, Rate Hike Cycle Not Expected To Be Aggressive

THB

Like elsewhere in the region USD/THB has edged away from recent highs today. The pair last tracked around 35.09, with earlier attempts to move sub the 35.00 level proving to be unsuccessful. Yesterday's highs came in just above the 35.15 level. We are only slightly down for the session, with the G10 failing to see much follow through strength against the USD so far today.

  • A number of comments have crossed the wires from both the Finance Minister and the BoT Governor. The Finance Minister talked up the growth outlook and stated the upcoming election won't derail the infrastructure outlook.
  • The BoT Governor stated the central bank is committed to the policy normalization path and is watching for stronger core inflation pressures (note the next CPI prints on March 7). The Finance Minister also added it was unlikely the BoT would be too aggressive in terms of the rate hike cycle.
  • On the data front, Jan manufacturing production came in a touch firmer than expected, -4.35% y/y, (-5.60% y/y expected), while Dec was revised slightly lower to -8.45%. Still to come is Jan trade figures.
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