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USD/THB Up Strongly From Earlier Weekly Lows Sub 36.00, Trade Data Still To Come

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USD/THB has continued to recover in the first part of Thursday trade. We were last around 36.50, just off session highs, but still 0.50% weaker in baht terms. This puts us back close to the 20-day EMA (around 36.57). Earlier in the week we came close to the 200-day EMA (currently near 35.83).

  • We are around +2% higher from lows earlier in the week, with baht gains, aided by a stronger than expected Q1 GDP print, proving to be fleeting.
  • A stronger USD backdrop, particularly in terms of USD/JPY levels, won't be helping, likewise gold prices moving off recent highs.
  • Today's data on car sales for April shows a continued downshift, which still suggests a challenging domestic demand backdrop. The government announced earlier in the week additional fiscal stimulus was likely via a supplementary budget. We also still wait for April customs trade figures, which are due today.
  • Local equities continue a largely sideways trend, while offshore investors have been net sellers of local equities so far this week. Bond inflows have been positive though.
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USD/THB has continued to recover in the first part of Thursday trade. We were last around 36.50, just off session highs, but still 0.50% weaker in baht terms. This puts us back close to the 20-day EMA (around 36.57). Earlier in the week we came close to the 200-day EMA (currently near 35.83).

  • We are around +2% higher from lows earlier in the week, with baht gains, aided by a stronger than expected Q1 GDP print, proving to be fleeting.
  • A stronger USD backdrop, particularly in terms of USD/JPY levels, won't be helping, likewise gold prices moving off recent highs.
  • Today's data on car sales for April shows a continued downshift, which still suggests a challenging domestic demand backdrop. The government announced earlier in the week additional fiscal stimulus was likely via a supplementary budget. We also still wait for April customs trade figures, which are due today.
  • Local equities continue a largely sideways trend, while offshore investors have been net sellers of local equities so far this week. Bond inflows have been positive though.