THB: Strength In H210, But Politics A Wild Card

Although the bullish trend for the Thai baht is still intact, we are not convinced that the Bank of Thailand (BoT) will countenance major currency strength until the export recovery gains further traction. Coupled with increasing signs of a consolidation in risky assets on the back of a stronger US dollar, we expect the unit to remain range-bound between THB32.70-33.50/US$ in the near term.

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