THB: USD/THB Slumps To Multi Month Lows As Onshore Mkt Return

• Gold opened Monday strongly initially touching $2,994.20 before lower at $2,987.25
• The Belgian government is considering the sale of a portion of its gold reserves (valued at €20bn) to bolster its defense budget, according to L’Echo newspaper.
• Ramelius Resources Ltd. will acquire Spartan Resources Ltd. in a deal valuing the latter at A$2.4 billion with the combined entity expected to become a leading Australian gold producer, with output exceeding 500,000 ounces a year by 2030.
• The relentless demand for gold ETF’s in India continued in February with net inflows of US$260m.  Whilst down from January it still represented the second highest total since records began.
• Gold finished Friday at US$2,984.16 up +2.5% for the week.
• Having reached a new high, trading through $3,000 briefly, gold’s retreat looks driven by profit taking rather than a change in its fortunes.  .
• Many strategists have revisited their gold forecasts for 2025 with some suggesting $3,500 as their target.

ACGBs (YM flat & XM +1.0) are little changed.

• Today, the local calendar has been empty. The next event on the local calendar is Sarah Hunter's, Assistant Governor (Economic) speech at the AFR Banking Summit tomorrow.  
• However, the highlight of the week is likely to be Thursday’s jobs data for February. Jobs have consistently printed stronger than expected with January up 44k. Bloomberg consensus is forecasting a 30k rise in new jobs with the unemployment rate stable at 4.1% and the participation rate at 67.3%. It will also be important to monitor the underemployment, youth unemployment and hours worked. The RBA said that the strong labour market would have been the key reason to leave policy on hold in February.
• Cash US tsys are flat to 1bp richer in today’s Asia-Pac session after Friday’s modest sell-off.
• Cash ACGBs are 1bp richer, with the AU-US 10-year yield differential at +10bps.
• Swap rates are flat.
• The bills strip is modestly weaker, with pricing -1 to -2.
• RBA-dated OIS pricing is flat to 4bps firmer across meetings today. A 25bp rate cut in April is given a 7% probability, with a cumulative 65bps of easing priced by year-end (based on an effective cash rate of 4.09%). 

In today's Asia-Pac session, TYM5 is 110-20+, unchanged from closing levels, after giving up early strength. Today's high has so far been 110-26. 

• According to MNI’s technical team, initial technical support is at 110-12.5/110-00 (Low Mar 6 / High Feb 7).
• Cash US tsys are flat to 1bp richer in today’s Asia-Pac session after Friday’s modest sell-off. Cash tsys finished Friday weaker amid a cautious rise in risk sentiment, with the 2-year yield 6bps higher at 4.02% and the 10-year 4bps higher at 4.31%.
• Fed remains in Blackout until after Wednesday's FOMC policy announcement. Monday's US data focus is on Retail Sales, Empire Manufacturing and NAHB Housing Market Index measures.