In the opinion of FX Strategist Quek Ser Leang at UOB Group’s Global Economics & Markets Research, USD/THB could move into a consolidative phase in the short term.
Key Quotes
“Last Monday (12 Sep, spot at 36.45), we highlighted that USD/THB is likely to weaken but we were of the view that ‘any weakness is expected to encounter solid support at 36.10’. USD/THB subsequently dropped to 36.19 before lifting off and surged to 37.10. The rapid improvement in upward momentum is likely to lead to further USD/THB strength.”
“That said, short-term conditions are overbought and USD/THB could consolidate for a few days before heading higher to 37.20. Support wise, a breach of 36.45 would indicate that the build-up of upward momentum has fizzled out.”
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