Thai Baht tumbles for ninth straight day

The Thai Baht is down for the ninth straight day as the failing health of Thai King added to the already uncertain environment.

USD/THB was up 0.10% around 35.70. The currency pair hit a high of 35.90 yesterday before trimming gains to end the day around 35.67 levels.

Palace officials recently stated that Thai King Bhumibol Adulyadej's health is "not stable," and that he was being prepped for haemodialysis. This resulted in a slide in THB and Thai equity markets.

Moreover, the news coincided with rising December Fed rate hike bets, thus resulting in an exaggerated fall in THB.

USD/THB Technical Levels

A break above 35.80 (May 30 high) would open doors for 35.90 (previous day’s high). On the lower side, breach of today’s low of 35.679 could yield a much deeper retracement to 35.38 (5-DMA).