USD/THB faces extra consolidation in the short term – UOB

Markets Strategist Quek Ser Leang at UOB Group suggests USD/THB is seen trading within the 34.50-34.90 range in the next few weeks.

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We expected USD/THB to trade in a range between 34.55 and 34.90 last week. USD/THB then dropped briefly to 34.46, rebounded to 34.87 before ending the day week at 34.66 (+0.12%). The price actions were likely part of a consolidation phase and this week, we expect USD/THB to trade between 34.50 and 34.90.