USD/THB: Risks extra weakness below 34.23 – UOB

Markets Strategist Quek Ser Leang at UOB Group suggests further losses are likely in USD/THB as long as the 34.23 level caps the upside.

Key Quotes

“We did not expect the sharp drop in USD/THB to a low of 33.66 last week (we were expecting USD/THB to trade in a range of 34.05/34.50). There is room for USD/THB to decline further, oversold short-term conditions could lead to a couple of days of consolidation first.”

“The support level to watch is 33.54. In order to keep the current momentum going, USD/THB must stay below 34.23.”