The Thai baht declined after the nation’s finance minister unexpectedly quit less than a month into the job, injecting uncertainty into an economy devastated by the coronavirus pandemic.
The currency declined as much as 0.8%, the most since July, to 31.301 against the dollar.
The Finance Ministry has predicted an 8.5% economic decline this year as the nation’s key growth drivers of tourism and trade slump. While the government has announced stimulus worth $60 billion and the central bank lowered interest rates to a record low, it may take the economy at least two years before returning to the pre-pandemic level, according to the Bank of Thailand.
“A quick appointment of a new finance minister, whose competency and merit must be acceptable to the public, is needed,” said Win Phromphaet, Bangkok-based chief investment officer at Principal Asset Management Co. “The new finance minister must also have full and independent authority in implementing economic policies.”
USD/THB Dollar Exchange Rate
Today’s Forex Rates
USD/THB Dollar FX Polls
Overall, the bias in prices is: Sideways.
The projected upper bound is: 31.46.
The projected lower bound is: 30.91.
The projected closing price is: 31.19.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 26 white candles and 20 black candles for a net of 6 white candles.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 37.5000. This is not an overbought or oversold reading. The last signal was a buy 0 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 46.33. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 31 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is -33. This is not a topping or bottoming area. The last signal was a sell 5 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 2 period(s) ago.
Rex Takasugi – TD Profile
FOREX THB= closed up 0.030 at 31.180. Volume was 24% below average (neutral) and Bollinger Bands were 30% narrower than normal.
Open High Low Close Volume 31.150 31.290 31.110 31.180 1,490
Technical Outlook Short Term: Neutral Intermediate Term: Bearish Long Term: Bearish
Moving Averages: 10-period 50-period 200-period Close: 31.29 31.27 31.37 Volatility: 7 6 6 Volume: 2,099 1,977 2,056
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
FOREX THB= is currently 0.6% below its 200-period moving average and is in an downward trend. Volatility is high as compared to the average volatility over the last 10 periods.
Our volume indicators reflect volume flowing into and out of THB= at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on THB= and have had this outlook for the last 19 periods.