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EURJPY TECHS

Corrective Cycle

USDJPY TECHS

Consolidating But Remains Bullish

EURGBP TECHS

Recovering, But Not Through Resistance

GBPUSD TECHS

Consolidation Mode

DOLLAR-THB

USD/THB has advanced past Friday's highs and last deals at THB31.16, 3 pips better off. The Y/Y contraction in Thailand's GDP was smaller than expected, but still double-digit and the steepest in more than two decades, per Q2 data released today.

  • Should the rate cross above Aug 7 high of THB31.24, bulls could take aim at Jul 29 high of THB31.58. Meanwhile, bears keep an eye on the 50-DMA, which hovers just above the 200-DMA. Their initial focus falls on Aug 13 low of THB31.03. A break below there would expose Aug 5 trough at THB30.98.
  • Weekly update on Thailand's foreign reserves comes out on Friday, as usual.
MNI London Bureau | +44 203-865-3806 | krzysztof.kruk@marketnews.com