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USD/THB Pulls Back On Broader USD Weakness, New PM Scheduled To Speak

THB

USD/THB sits comfortably off recent highs. The pair was last near 36.58, around 0.50% firmer in baht terms for the session so far. Yesterday's fresh highs back to November last year were at ~36.82. We remain still some distance from the 20-day EMA, which is back just under 36.00.

  • Early moves are in line with USD weakness (BBDXY down 0.42%) post the Thursday onshore THB close.
  • On the data calendar we have the August current account balance, ($660mn forecast, $445mn prior). August trade figures will also print.
  • New PM Srettha will deliver a speech at 9am local time (in around 20mins) titled 'Next Chapter Thailand'. BoT Governor Sethaput Suthiwartnarueput is also scheduled to speak at the same time on the economics of well-being.
  • Local equities fell 1% yesterday, the SET dipping to the 1482 level. We aren't too far away early July lows from an index standpoint. Offshore investors remain net sellers of local equities.
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