USD/THB points to further consolidation – UOB

Quek Ser Leang at UOB Group’s Global Economics & Markets Research notes USD/THB is likely to trade within the 33.12/33.48 range for the time being.

Key Quotes

“We highlighted last Monday (16 Aug, spot at 33.39) that ‘there is room for USD/THB to test 33.55 first before the risk of a deeper pullback would increase’. Our expectations did not materialize as USD/THB traded between 33.14 and 33.47 for the week.”

“Shorter-term momentum indicators are turning neutral and USD/THB is expected to trade sideways for this week, likely within a 33.12/33.48 range.”