USD/THB points to further consolidation – UOB

Quek Ser Leang at UOB Group’s Global Economics & Markets Research noted USD/THB is seen within the 31.60-32.10 range for the time being.

Key Quotes

“We highlighted last Monday that ‘a break of the year-to-date high at 31.60 would not be surprising but the next resistance at 31.75 could be out of reach within this week’.

“While out view for a higher USD/THB was not wrong, we did not anticipate the manner by which it blast past 31.60 and surged to 32.10. The rapid rise appears to overdone and further sustained advance is unlikely.”

“For this week, USD/THB is more likely to trade between 31.60 and 32.10.”