USD/THB faces extra downside risks – UOB

Markets Strategist Quek Ser Leang at UOB Group’s Global Economics & Markets Research suggests USD/THB risks a deeper decline in the short term.

Key Quotes

“USD/THB nosedived by 3.53% last week. Such an outsized weekly drop is rare; the last time USD/THB had a large weekly decline was back in 2007.”

“While the large decline has shifted the risk to the downside, the pace of any further decline is likely to be at a slower pace, and the major support at 35.06 (low in Aug) is unlikely to come into view this week (there is a minor support at 35.45). Resistance is at 36.17, followed by 36.65.”