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Offshore Impetus Undermines Baht

THB

Last week's losing streak of USD/THB has drawn to an end, with the pair catching up with greenback purchases from after onshore Thai markets closed on Friday. The rate operates +0.015 at THB33.235, with local headline flow relatively subdued.

  • Bulls look for break out of a descending channel drawn off Dec 3 peak. A break above channel top at THB33.692 would allow them to take aim at Dec 22 high of THB33.835. Conversely, bears look for a slide through channel floor at THB33.072 before setting their sights on the round figure of THB33.000.
  • Participants look ahead to the release of trade data from Thailand's Customs Department this Friday.

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