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USD/THB Pushes Above Simple 200-day MA

THB

USD/THB is firmer in the first part of dealings today. The pair last near 35.23, which puts it above the simple 200-day MA (35.14). We haven't been above this resistance point since late Nov 2022. Baht is around 0.50% weaker so far for the session, with broader USD sentiment more positive amid a risk averse mood in markets.

  • Still the baht is the second worst performer in EM Asia FX for the past week, down over 1.5% (KRW is the worst -2.2%).
  • Local equities are a headwind for the baht, with the index back close to the 1500 level, which is not far off YTD lows. Equity outflows persist, with $123.8mn so far this week, while bond inflows are only very modest.
  • Pheu Thai and the Move Forward Party appear to be in disagreement over who will take the speaker role when the new government forms (see this link for more details).
  • The data calendar remains light, although May customs trade figures are due either today or in the first part of next week.
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