Markets Strategist at UOB Group Quek Ser Leang favours further consolidation in USD/THB for the time being.

Key Quotes

“We highlighted last Monday (20 Mar, spot at 34.10) that USD/THB ‘is likely to break 34.00’ and we were of the view that ‘it is premature to expect USD/THB to weaken to 33.47’. While our view was not wrong as USD/THB dropped to 33.91, we did not quite expect the strong bounce from the low.”

“USD/THB appears to have moved into a consolidation phase and this week, USD/THB is likely to trade in a range, expected to be between 33.95 and 34.55.”