Quek Ser Leang at UOB Group’s Global Economics & Markets Research USD/THB still faces some consolidation in the near term.

Key Quotes

“We highlighted last Monday (25 Oct, spot at 33.27) that USD/THB ‘could dip below the month-to-date low at 33.15’ but we were of the view that ‘the next support at 33.00 is unlikely to come into the picture’. The subsequent weakness exceeded our expectations as USD/THB dip to 32.98 before rebounding quickly.”

“Downward momentum has slowed a fair bit and USD/THB is unlikely to weaken further. For this week, USD/THB is more likely to trade sideways between 33.10 and 33.60.”