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Baht Rangebound, USD/THB Rally Stalls Ahead Of THB33.50

THB

Spot USD/THB is losing steam just shy of THB33.500, following a dynamic rally which saw the baht underperform all of its peers form the Asia EM basket. The rate has stuck to a narrow range this morning and last trades at THB33.455, little changed on the day.

  • Bulls eye Jul 20, 2018 high of THB33.518 for initial resistance. A break here would clear the way to Oct 3, 2017 high of THB33.545. The downside focus falls on Jul 29/20 lows of THB32.820/32.780.
  • The U.S. added Thailand to its list of "very high risk" countries this week advised that even fully vaccinated Americans should avoid visiting the country. The designation delivered yet another blow to Thailand's struggling but systemically important tourism industry.
  • Anti-gov't protesters clashed with the police in Bangkok Tuesday, after a rally led by the United Front of Thammasat and Demonstration.
  • There is little of note left on the Thai docket this week, outside of the usual update on foreign reserves.

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