At current levels around 33.50, USD/THB is already near the highs seen since the onset of the pandemic. However, analysts at Credit Suisse think further USD/THB upside is limited, and think the pair will trade in a range of 33.40-33.80 in Q2.

The bad news is priced

“We think the bad news is priced and that further upside in USDTHB is limited.”

“In Q2 we expect USD/THB to trade in a narrow range of 33.40-33.80, with the BoT likely intervening to limit weakness at 34.00.”