dvdubrovsky

Thai Baht May Outperform as Tourism Slowly Boosts Economy

OANDA:USDTHB   ABD Doları / Tayland Bahtı
The Thai Baht has been cautiously gaining ground against the US Dollar since December despite recent volatility in stock markets.

In fact, USD/THB recently broke under a key rising trendline from early 2021, confirming the breakout. Key support below appears to be the 200-day Simple Moving Average.

Tourism is a key component of Thailand's economy, which has been hampered due to the global pandemic. But, as countries around the world gradually move forward with vaccinations and natural immunity, a gradual comeback in local tourism may boost the economy, perhaps setting the Thai Baht on course to outperform in the medium to long term.

In the event of a turn higher, critical resistance seems to be the 33.861 - 34.000 resistance zone, where breaking above may open the door to resuming the dominant uptrend. Further Covid-19 variants also risk derailing domestic growth expectations.

Clearing the 200-day SMA exposes the November and August lows. In the long run, key below seems to be the 29.718 - 29.842 range.

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