THB supplants PHP as the most over-valued currency in Asia – DBS
FXStreetOct 23, 2024 10:01 AM
Scope for USD/THB to trade higher given official concerns over THB, DBS’ FX & Credit Strategist Chang Wei Liang notes.
BOT doesn’t want to see rapid moves in the THB
“BOT Governor Suthiwartnarueput said today that BOT’s rate cut last week was a ‘recalibration’, and that the BOT also doesn’t want to see rapid moves in the THB, with recent THB volatility being too high.”
“Indeed, THB had strengthened significantly in Q3 and has supplanted PHP as the most over-valued currency in Asia, based on our DEER valuations.”
“We see scope for USD/THB to trade higher given official concerns over THB, and with Governor Suthiwartnarueput also acknowledging the economic impact of rising export competition from China.”
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