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USD/THB Tests 20-day EMA Downside Support Before Stabilizing

THB

USD/THB dipped to 36.46 in the first part of trade, but we sit slightly higher now, last near 36.50 (+0.65% firmer in baht terms versus Tuesday closing levels). The pair is back to late September lows and also challenging the 20-day EMA, which comes in around 36.47 based off yesterday's closing levels. Note late September lows in the pair were just under 36.40.

  • Baht appears to be following broader USD gyrations, now back to nearly flat for October (-0.30%). This comes after a near 4% drop in September, the largest amongst EM Asia FX.
  • Coming up shortly is the BoT minutes from the last policy meeting, followed by the BoT Deputy Governor speaking. Sentiment is unlikely to be moved, given the Governor has already strongly hinted the central bank is now on pause mode.
  • The data calendar remains quiet, while in the cross asset space, local equity sentiment has stabilized somewhat, the SET closing near 1434 yesterday. Offshore investors returned to net sellers of local equities (-$34.6mn). This month has seen -$193.7mn in offshore outflows (last month saw -$615.5mn).
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