USD/THB points to further consolidation – UOB

Markets Strategist Quek Ser Leang at UOB Group’s Global Economics & Markets Research notes USD/THB faces extra consolidation in the short term.

Key Quotes

“We expected USD/THB to ‘trade sideways between 37.90 and 38.46’ last week. However, USD/THB edged to a low of 37.64 before rebounding. Despite the decline, downward momentum has not improved by much and USD/THB is unlikely to weaken much further.”

“We continue to expect USD/THB to trade sideways this week, albeit likely within a lower range of 37.55/38.30”.