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Baht Gets Battered By Fallout From War In Ukraine

THB

Spot USD/THB has garnered strength as the geopolitical turmoil in eastern Europe has unnerved markets afresh. The pair operates +0.160 at THB32.840 at typing.

  • Fallout from the war in Ukraine continues to fan pre-existing concerns over rising living costs in Thailand. PM Prayuth has called a meeting for March 9 to discuss measures to mitigate the impact of soaring oil prices. In addition to pushing the costs of energy higher still, Russia's continued assault at its neighbour is reducing investors' appetite to take risk, while Western sanctions against its aviation sector bear consequences for the global tourism industry.
  • The rate has crossed above its 200-DMA, with bulls looking to a further rally towards Jan 31 high of THB33.467. Conversely, bears look for a pullback under Mar 3 low of THB32.417, followed by Feb 23 low of THB32.208.
  • The University of the Thai Chamber of Commerce will publish monthly consumer confidence data on Wednesday.

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