Holidays in the US (President’s Day) and Canada (Family Day) kept activity muted, with the regional currencies/economies taking the focus, for a change.

 

Thai growth beats forecast

Thai economy grows faster than expected in the fourth quarter, gaining 0.8% quarter-by-quarter and 3.7% from a year earlier. This compared with forecasts of +0.7% and +3.6%, respectively. Thailand’s exports, for a long time the pillar of economic growth, suffered amid the US-China trade wars and a global slowdown, but this was compensated by a pickup in domestic demand. Growth for the full year was confirmed at +4.1% y/y.

The Thai baht appreciated to near its highest level in 10 months versus the US dollar and has risen 3.44% since the start of the year.

USD/THB Daily Chart

Source: OANDA fxTrade

The local currency may struggle to maintain the recent momentum as the country approaches uncertain times as a general election is due to be held next month for the first time since the military took over in 2014.

 

All quiet on the Eastern front

It was a slow, lackluster day’s trading in Asia, with investors and traders keeping one eye on the US holiday later today, with the volume and liquidity concerns associated with it. The risk mood was generally bullish, with the Aussie eking out small gains versus the US dollar, but seemingly lacking the momentum to convincingly test the 55- and 100-day moving averages at 0.7157 and 0.7164, respectively.

AUD/USD Daily Chart

Source: OANDA fxTrade

The yen fell marginally versus the US dollar and equity indices traded mostly in the black. China shares rebounded 1.1% after Friday’s 1.3% fall, while the US30 index climbed 0.13% higher.

The only data release during the Asian session was Japan’s machinery orders for December. They fell 0.1% m/m, well below economists’ estimates of a 3.5% gain and the first decline in three months.

 

UK house prices on tap

The only other data release for the rest of the day is the UK’s Rightmove house price index for February, which is expected to rise 0.7% from a month earlier and 0.2% y/y.

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities.

Opinions are the authors — not necessarily OANDA’s, its officers or directors. OANDA’s Terms of Use and Privacy Policy apply. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Analysis feed

Latest Forex Analysis

Editors’ Picks

EUR/USD breaks below 1.0800 amid data imbalances, risk-off

A disappointing German ZEW Survey, better than expected US data and looming coronavirus concerns are pushing EUR/USD lower. 1.0770 next critical support.

EUR/USD News

GBP/USD bounces above 1.30 as markets shrug off wage figures

GBP/USD is trading above 1.30 as investors ignore weak UK wage figures and Brexit concerns once again. Coronavirus headlines are eyed.

GBP/USD News

Forex Today: Coronavirus takes a bite from the apple, Gold gains, Bitcoin bounces

The coronavirus outbreak's economic impact is growing as Apple, the iPhone maker has issued a warning that it is unable to meet its guidance due to production and issues and closed stores in China. The tech giant's announcement has been weighing on the market mood, pushing gold and the yen higher. 

Read more

Gold firmer, near $1,600/oz on coronavirus fears

Renewed fears around the Chinese coronavirus (COVID-19) have been supporting the demand for the safe haven metal in past hours, taking the ounce troy to levels just shy of the key $1,600 mark.

Gold News

FXStreet launches Real-Time Trading Signals

FXStreet Signals offers access to explanatory live webinars, real-time notifications when signals are triggered and exclusive membership to the company’s Telegram group, where users get direct guidance by our analysts and get room to discuss and interact.

More info

Forex Majors

Cryptocurrencies

Signatures