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USD/THB Rebounds As Onshore Markets Return, Move Forward Meetings & May CPI On tap

THB

Thailand markets have returned today, with USD/THB spiking back towards recent highs, the pair last in the 34.75/80 region. This is 0.6% weaker in baht terms versus closing levels from last Friday. This weakness is a little at odds with broader USD index trends in recent sessions. Recent highs come in close to 34.90, while the simple 200-day MA comes in at 35.20. On the downside the 50-day MA is back near 34.28.

  • At 10:30am local time, the Move Forward led coalition transition committee meets, (which is in around 35mins) followed by Move Forward leader Pita Limjaroenrat and MPs meeting with the Bangkok Governor at 1pm.
  • Note also the Shippers Council will hold a briefing at 10:30am local time on the April export backdrop.
  • Thai CPI print for May is also out at 10:30am local time. The market expects a sharp slowdown in y/y headline momentum to 1.60% from 2.67% prior. Core is expected to print at 1.6% from 1.66% prior.
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