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USD/THB Edging Higher Ahead Of BoT

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USD/THB has firmed slightly, last around 32.85, with an early move towards 32.70 finding USD support. We may continue to consolidate ahead of the BoT decision later, where +25bps is expected (see our full preview here). In terms of ranges, the Monday YTD low came in around 32.57, while moves above 33.00 drew selling interest through mid-January.

  • Yesterday's Dec trade data, which showed weaker than expected export growth (-14.6% y/y, -11.0% expected), may see further domestic concern around the export backdrop for this year. The trade position was close to forecasts though (-1034mn, -$1400mn expected), as import growth also cooled (-12.00% y/y).
  • Onshore equities continue to struggle ahead of the 1700 level (last at 1683). Offshore investors were modest sellers of local equities yesterday (-$27.6mn), but flows for bond were more positive ($251.5mn).
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USD/THB has firmed slightly, last around 32.85, with an early move towards 32.70 finding USD support. We may continue to consolidate ahead of the BoT decision later, where +25bps is expected (see our full preview here). In terms of ranges, the Monday YTD low came in around 32.57, while moves above 33.00 drew selling interest through mid-January.

  • Yesterday's Dec trade data, which showed weaker than expected export growth (-14.6% y/y, -11.0% expected), may see further domestic concern around the export backdrop for this year. The trade position was close to forecasts though (-1034mn, -$1400mn expected), as import growth also cooled (-12.00% y/y).
  • Onshore equities continue to struggle ahead of the 1700 level (last at 1683). Offshore investors were modest sellers of local equities yesterday (-$27.6mn), but flows for bond were more positive ($251.5mn).