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USD/THB Edges Higher After Failure To Test 100-DMA

THB

Spot USD/THB came close to testing support from its 100-DMA before finding poise this morning. The pair last deals +0.090 at THB36.925, with bulls looking for a rebound above Oct 31 high of THB38.088. Bears take aim at the aforesaid 100-DMA, which intersects at THB36.641.

  • Foreign investors were net buyers of $53.82mn in Thai stocks Wednesday, even as the SET index dropped. Thailand's equity benchmark fell 0.62% but remained above the recently breached 50-DMA. Year-to-date net foreign flows into the Thai stock market sit at $5.218bn.
  • The Federation of Thai Industries (FTI) called for additional fiscal stimulus, even as its sentiment index rose to 93.1 in October from 91.8 prior. The Federation warned that without more support, the economic recovery could lose momentum.
  • The University of the Thai Chamber of Commerce will publish its consumer confidence index later today.
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