The baht fell through major support levels against the dollar on Thursday, pressured by stock market outflows as investors cut exposure to risky assets, including emerging Asian currencies. The baht is the worst performer among emerging Asian currencies so far this year and could fall further as foreign investors fear an escalation in political tensions ahead a general election on July 3, analysts and dealers said.
The baht lost up to 0.7 percent, briefly breaching 30.505, the 50 percent Fibonacci retracement level of its strengthening trend between January and April. It recovered some losses, but staying weaker than a 200-day moving average of 30.360 and the top of daily Ichimoku cloud of around 30.340.
StanChart said 55-week, 100-week and 200-week moving averages are beginning to roll over, which is bearish. The rupiah is the best performer among emerging Asian currencies with a gain of 5.7 percent against the dollar so far this year. Some offshore hedge funds and real money accounted sold the won after weaker-than-expected Australia's job data.
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