USD/THB traded significantly higher, partly due to a stronger US Dollar (USD), lower gold prices, and partly due to concerns over central bank autonomy. USD/THB was last at 34,714, according to OCBC FX analysts Frances Cheung and Christopher Wong.
The RSI is rising towards overbought conditions
“There were reports that the former Finance Minister was appointed Chairman of the BoT. According to several media outlets, he had previously pressured the BoT to lower rates and increase the inflation target. The appointment is still pending approval (probably after the November 19).”
“The BoT board can issue regulations on reserve management, but does not have the authority to directly manage reserves. The market interpretation is that his appointment may lead to a moderate BoT.”
“Bullish momentum remains intact although the RSI is rising towards overbought conditions. The inverted head-shoulder pattern is typically associated with a bullish reversal setup. Next resistance at 35.10, 35.40 (200 DMA). Support at 34.50 ( 100 DMA).”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
