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USD/THB Off Recent Highs, But Down 1% In The Past Week, CPI Due Tomorrow

THB

USD/THB sits off recent highs, last near 35.15. Recent highs have come close to the 200-day EMA (35.275), although onshore markets were closed yesterday, which would have impacted liquidity. The low on Monday was 34.71, which is keeping THB implied vol high. The 1 month was last at 9.57%, fresh highs back to April of this year.

  • The THB is the second worst performer in the EM Asia FX space over the past 5 sessions, down a little over 1%. (the won is the worst -1.85%).
  • The continued underperformance of local stocks is a factor, the SET barely off recent lows (+0.18% today). Underwhelming economic growth hasn't helped sentiment in this space.
  • Offshore investors have been net buyers of local stocks so far this month, but only modestly at $20.1mn. Some offset has also come from bond outflows so far this month, -$414.8mn
  • The spike in gold may have been more of a positive, but the sharp retracement diminishes the benefits to THB.
  • Note tomorrow, we get Nov CPI on the data front, along with consumer confidence.
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