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USD/THB Rebounds, PM To Unveil Details Of Digital Wallet Scheme Later Today

THB

USD/THB gaped higher at the open. The pair got above 35.80, but now sits slightly lower, last at 35.75. This is 0.50% weaker in baht terms relative to yesterday's closing levels, as the currency plays catch up to the firmer USD trend.

  • These moves have pushed us back above the 100-day EMA (35.605), while the 20 and 50 day sit above 35.90. Recent lows rest just under 35.40.
  • Baht weakness is in line with the recovery in US yields. The US-TH 2yr government bond yield differential is back to +250bps, against recent lows around +230bps.
  • Local equity sentiment has also weakened. The SET lost 0.50% yesterday, while offshore investors sold -$87.4mn of local equities. This brings November sales to nearly $200mn. There has been little recovery in foreign inflows despite local equities rebounding from late October lows.
  • Bond inflows remain more positive +$485.1mn so far this week.
  • Note PM Srettha we announce details of the digital wallet policy at 2pm local time today (see this link for more details).
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