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USD/THB mildly down as markets asses US job report

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Currencies,Fed

On Monday, the USD/THB is trading lower on Monday as the USD remains weak following Friday’s weak Nonfarm Payrolls report.

Market sentiment is skewing towards a potential test of the Dollar’s downside this week. Last week’s soft NFP report from April continues to weigh on the USD. Fed officials hold to Powell’s speech, lack of progress in inflation but that cuts will eventually come. Several Federal Reserve officials were on the wires, but didn’t provide additional guidance on the Fed’s stance other than the one provided in last week’s decision.

These factors, along with a lack of major data releases this week for markets to digest, create an ambiance of uncertainty for the US currency, which may push the market towards a Dollar downside test this week. USD/THB technical analysis On the daily chart, the Relative Strength Index reveals a tendency towards the negative zone, with the latest reading just above 50. This hints at a potential bearish cycle in the absence of a strong buying push.

 

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