USD/THB To Fresh Multi-Week Highs As Onshore Markets Return

USD/THB has gaped higher as onshore markets return after yesterday's holiday. The pair was last in the 35.65/70 region, fresh highs back to mid Nov. We are above all key EMAs and have pushed through the simple 100-day MA (35.535). Note the simple 50-day MA rests higher at 35.90.

• Baht weakness looks to be stretching beyond what is implied by a slightly firmer USD index backdrop. Likewise, when we look at USD/THB versus US-TH yield differentials.
• Local equities remain underperforming, with the SET near recent cyclical lows, which continues to imply higher USD/THB levels. Offshore investors have remained net sellers of local equities so far this month, -$142.8, with the bulk of the outflows coming last week.
• The local data calendar is empty this week. Today we do have the exporter council talking about the export outlook in around 15mins.
• There is also a local cabinet meeting just before this, then at 1pm local time PM Srettha will chair a State Fiscal Policy Committee meeting.