USD/THB sticks to the consolidative theme – UOB

USD/THB is still expected to trade within the 33.40-33.95 range for the time being, suggested Quek Ser Leang at UOB Group’s Global Economics & Markets Research.

Key Quotes

“In our update from last Monday (27 Sep, spot at 33.41), we held the view that USD/THB ‘is likely to trade between 33.10 and 33.60’. Our view was incorrect as USD/THB surged to a high of 34.00 before pulling back sharply. Overbought conditions coupled with early signs of waning momentum indicates that USD/THB is unlikely to strengthen from here.”

“For this week, USD/THB is expected to trade between 33.40 and 33.95. Looking ahead, a break of the rising trend-line (currently 33.35) would indicate that the USD/THB strength that started in early September has run its course.”