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USD/THB Eyeing 200-Day MA Test, BoT Expected To Hike 25bps Later

THB

USD/THB is down 0.30% since the open, last tracking 35.325, fresh lows back to mid-August. The simple 200-day MA comes in at 35.28, a support level we haven't been below since early March of this year. Note the pair is already below the 200-day EMA (35.585).

  • Coming up later is the BoT decision, which is widely expected to deliver a 25bps hike (taking the policy rate to 1.25%), see our full preview here.
  • Earlier manufacturing production came in below expectations, -3.71% y/y, versus a 1.75% forecast. There were some one-off factors which weighed on activity (such as floods), while growth is still expected to forecast to be stronger in the sector in 2023 (2.5-3.5% versus 1.9% this year).
  • Thai equities are modestly higher, with the headline index close to the 200-day MA (1627.82, versus current levels of 1627.07). Offshore investors continue to add to Thai stocks though, with net inflows for November now at $723mn, the firmest pace since August.
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