USD/THB: A drop to 34.05 is not ruled out – UOB

Markets Strategist at UOB Group Quek Ser Leang noted USD/THB could lose further traction and deflates to the 34.00 region.

Key Quotes

“USD/THB closed sharply lower by 2.88% last week (Friday’s close of 34.70) before extending its loss in Asian trade today. The rapid improvement in downward momentum is likely to lead to further USD/THB weakness this week.”

“The level to watch is at 34.30, followed by 34.05. On the upside, a breach of 35.05 (minor resistance is at 34.85) would indicate that USD/THB is unlikely to weaken further.”