Accessible version Asia FI & FX Strategy Viewpoint Thailand Strategy – Weaker CA backdrop for THB. Bonds facing issuance risks. THB – weakness led by CA deficits widening… THB NEER has steadily declined this year, fully unwinding 2025 appreciation, even as BoT turned to USD sales to cap USDTHB topside. This is primarily driven by weak CA flows, tracking one of the worst years in the last decade (-3.4% in 2022 vs -5.6% in 1H26). Seasonal improvement in 2H unlikely to not enough to reverse this, extending THB ...