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USD/THB Rebounds Strongly, Weaker Yen/Local Equities Weigh

THB

USD/THB is up sharply from earlier lows, last near 36.13. Earlier lows were at 35.88, which was under the 50-day EMA, which comes in at 36.01. Baht has faltered due to a weaker equity backdrop, the SET is down over 1% at this stage, amid broader regional equity losses (ex Japan). Higher USD/JPY levels are also a factor, with THB typically have a stronger correlation with respect to yen moves compared to some other parts of SEA FX.

  • As noted above, Thailand IP for Sep was slightly weaker than expected. Still to come is Sep trade data.
  • Portfolio flows remain mixed, with modest equity outflows continuing (-$20.9mn) but bond inflows are still positive (+$20.2mn yesterday).
  • Locally, the Thailand Cabinet approved a visa waiver for India and Taiwan tourists from Nov 10-Dec10. The cabinet also cut gasoline prices (see this BBG link).
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