USD/THB faces some near-term consolidation – UOB

In the view of Markets Strategist Quek Ser Leang at UOB Group, USD/THB could face some consolidative mood in the short term.

Key Quotes

We did not anticipate USD/THB to drop sharply to a low of 34.495 last week (we were expecting it to trade in a range). This week, oversold short-term conditions could lead to a few days of consolidation first.

Looking ahead, as long as USD/THB stays below 34.95, it could drop to 34.42 later on. This week, the next major support at 34.21 is unlikely to come under threat.