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USD/THB Rebounds But Remains Within Recent Ranges, Local Equities To Fresh Multi-Year Lows

THB

USD/THB sits near 36.34 in recent dealings, around 0.40% weaker in baht terms versus closing levels from yesterday. Earlier highs were at 36.385, which was just above the 20-day EMA, but we couldn't sustain this move. This keeps us well within recent ranges for the pair, with support evident ahead of 36.00, while recent highs at 36.55 remain intact.

  • Baht weakness is line with broader regional trends, although the THB is outperforming a weaker equity backdrop. The SET has fallen to fresh lows back to late 2020 (the index off -1% so far today). Offshore investor outflows continue, back at a moderate pace (-$65.5mn so far this week).
  • Locally, the government is trimming its cash hand out plan (see this BBG link for more details). This follows some tension between the new government and the BoT over the efficacy of such a program.
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