The information provided is of general nature only and does not take into account your personal objectives, financial situations or needs. Before acting on any information provided, you should consider whether the information is suitable for you and your personal circumstances and if necessary, seek appropriate professional advice. All opinions, conclusions, forecasts or recommendations are reasonably held at the time of compilation but are subject to change without notice. Past performance is not an indication of future performance. Go Markets Pty Ltd, ABN 85 081 864 039, AFSL 254963 is a CFD issuer, and trading carries significant risks and is not suitable for everyone. You do not own or have any interest in the rights to the underlying assets. You should consider the appropriateness by reviewing our TMD, FSG, PDS and other CFD legal documents to ensure you understand the risks before you invest in CFDs. These documents are available here.
Any references to Australian or international shares, sectors, indices, ETFs, crypto-related stocks or other instruments are provided for market commentary and watchlist purposes only and do not constitute a recommendation, offer or solicitation to buy, sell or hold any financial product or adopt any investment strategy. International markets may involve additional risks, including currency fluctuations, regulatory differences, market structure differences, reduced liquidity and higher volatility. Company-specific, sector-specific and macroeconomic risks may also affect performance.
Commentary on geopolitical developments, economic data, central bank decisions, earnings, policy changes and other global or financial market events is based on information available at the time of publication and may change without notice. Such events can lead to sudden market moves, price gaps, reduced liquidity, wider spreads and increased volatility, particularly in leveraged products such as CFDs. Forward-looking statements, expectations and scenario analysis are inherently uncertain and should not be relied on as guarantees of future market behaviour or outcomes.
Thai Baht: Double-top signals potential reversal against US Dollar – OCBC
OCBC’s Sim Moh Siong and Christopher Wong report that the Bank of Thailand (BoT) kept rates at 1% while upgrading growth forecasts and flagging inflation risks from Oil and El Niño. They expect policy to stay on hold near term, with a cumulative 50bp hike in 1H27. A double-top pattern in USD/THB points to key support at 33.62 and resistance near 33.85/90.
BoT on hold as pattern forms
"USD/THB ease slightly away from its recent highs overnight. In policy decision, BoT kept its policy rate unchanged at 1%, in line with our house view. The central bank revised its growth forecasts higher for 2026 and 2027, supported by stronger exports and investment associated with the AI cycle."
"We maintain a slight-cautious near-term view on THB. The growth upgrades are encouraging, while BoT appears comfortable keeping policy accommodative given the uneven recovery. Our economists expect BoT to keep policy rate on hold on 23 Dec MPC but will continue to monitor the tone of the statement to assess whether there has been a shift to a slightly more hawkish bias."
"Our house view remains comfortable with the view that BoT will normalise its policy rate, by hiking a cumulative 50bp in 1H27. For now, external developments remain more relevant for THB direction. A pullback in USD and oil prices, alongside stabilisation in gold, may offer some respite, although renewed energy-price pressures remain a risk."
"Daily momentum is flat while RSI eased lower. We had earlier flagged double-top pattern. A double-top bearish reversal would see immediate support coming in at 33.62 (21 DMA), 33.25/30 (50, 100 DMAs). Resistance at 33.85/90 levels (doubletop)."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
Related Articles
