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USD/THB Rebounds Back Above 36.00, But has Outperformed In The Past Month

THB

USD/THB sits back in 36.20/25 region, +0.80% higher for the session so far. We closed yesterday at 35.94, but recent dips sub the 36.00 level haven't been sustained in the pair. These levels also come close to the 50-day EMA support point at 36.01.

  • These moves largely leave us within recent ranges, although we are making lower highs in USD/THB which is constructive from a technical standpoint. The baht has been the strongest performer in EM Asia FX over the past month, up ~0.50%.
  • Sentiment was aided late yesterday by the stronger than expected current account surplus, just over $3.4bn for Sep, which was the firmest print since March and above expectations (+$2.1bn was forecast).
  • Broader USD gains, particularly against the yen, post yesterday's onshore spot close has seen the baht play catch up to the downside in the first part of trade today.
  • Earlier the Oct manufacturing PMI ticked down to 47.5 from 47.8, while later on we get the local Business Sentiment Index.
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