USD/THB seen within a range of 35.17 to 36.68 in the week ahead – MUFG

Over the past week, USD/THB has been relatively stable slightly above the 35.50 mark. For the week ahead, economists at MUFG Bank see the pair within a range of 35.17 to 36.68.

Further THB gains may need more improvements in fundamentals

“In the week ahead, markets will watch Q3 GDP numbers and October trade numbers. We expect a relatively buoyant GDP print of 4.6% YoY in Q3, from 2.5% in Q2. However, the trade deficit may continue, due to high import bills. Further THB gains may need more improvements in fundamentals.” 

“For the week ahead, we see USD/THB within a range of 35.17 to 36.68 and slightly biased on the upside, along the 200 and 100 moving averages.”

“We see downside risks to our end-2022 forecast of 39.25, given previous moves and are reviewing our forecasts.”