USD/THB Down Sharply, But Can't Get To November Lows
USD/THB sits slightly above earlier session lows. We were last near 35.57, still 1.35% stronger in baht terms versus yesterday closing levels. Earlier lows were at 35.515. This was above lows from earlier in Nov around the 35.40 region. Today's price action largely reflects catch up to USD weakness post the CPI miss on Tuesday.
- If we can break sub 35.40, the 200-day EMA sits just under 35.30. On the topside, the 20 and 50-day EMAs sit in the 35.90/95 region.
- Locally today the Federation of Thai Industries holds a briefing at 10:30am local time to discuss industry sentiment (BBG).
- Earlier, headlines crossed (RTRS) that the digital wallet scheme will not impact the country's credit rating, while other government spending will not be cut back to accommodate to program, according to a PM advisor.