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USD/THB Tracks Back Above 34.50

THB

USD/THB tracks back above 34.50 in latest dealings, around 0.20% weaker in baht terms versus closing levels from last Friday. A cluster of EMA sit between 34.60 to 34.70. Recent highs also rest above the 35.00 level, while on the downside, recent lows are near 33.76.

  • The combination of a stronger USD trend, coupled with uncertainty around the election outcome, is likely weighing on baht sentiment.
  • As we noted, earlier Pheu Thai will decide over the next few days on the PM candidate after consulting with the Senate and coalition partners. It remains to be seen if the Move Forward Party is part of that coalition. The next parliamentary PM vote scheduled for July 27th.
  • Outside of politics, we are scheduled to get June customs trade data between today and the 28th of July. On July 27th, June IP will also print. The Federation of Thai Industries stated the 3-month sentiment reading dropped to 102.1 due to the delayed government formation.
  • Local equities have edged away from recent highs, the SET last around 1530, although up for today. Offshore investors were close to flat last week (-$17mn on Friday). Bond flows were better +$587.8mn for the week.
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