USD/THB Sharply Lower; 30.70 Support Tipped

The USD/THB falls sharply, tracking a weaker dollar against the EUR and most regional currencies. The pair is now at 30.87, compared with 31.17 late Monday in Asia. Gains in the Thai stock market also lend support to the THB. "The market's view is now changing following a recent Fed's statement to maintain low interest rates until late-2014. Expectations of progress on Greece's debt talks also improve risk sentiment," says a Bangkok-based dealer, adding that the pair is biased down in the near-term. Support is put at 30.70, and resistance is at 31.00.