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USD/THB Threatening Fresh YTD Highs Post PM's Call For A BoT Rate Cut

THB

USD/THB has most of the first part of Tuesday trade on the front foot. The pair was last at 36.15, around 0.35% weaker in baht terms. Session highs rest at 36.185, which is very close to highs from last week (36.19). A clean break higher is likely to see early Nov 2023 highs at 36.33 targeted, beyond that rests the 36.50 level.

  • On the downside, the rising 20-day EMA sits back near 35.77. Note yesterday's low was 35.895.
  • Fallout from the baht continues follow PM Srettha's call for an unscheduled BOT meeting and a rate cut. As we have highlighted previously, dovish BoT divergence from the Fed is likely to undermine THB all else equal.
  • Potential erosion of BoT independence with be another concern for investors . Note the next scheduled BoT meeting is for April 10.
  • In the cross asset space, local equities are around flat in the first part of dealing, with the SET generally missing the uptrend in global equities in recent months.
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