USD/THB continues losing ground on soft USD data

The USD/THB pair is trading weaker on Thursday with 0.35% losses at around 36.20.

The USD/THB declined to 36.20 on Thursday with sharp losses seen during the European session. Signs of US economic slowdown are unveiled, as Initial Jobless Claims surpassed expectations and the Philadelphia Fed Manufacturing Survey came in soft. Given the soft US economic data, the likelihood of the Fed cutting sooner rather than later has increased.

Continued economic softness may mount pressure on the Federal Reserve , to cut rates earlier. However, markets continue to see the easing starting in September but if data continues to outperform, the Fed might consider a cut in July. USD/THB technical analysis On the daily chart, the Relative Strength Index shows a decrease from positive territory to negative in the last session, now nearing oversold conditions. This indicates that sellers currently dominate the market.

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