THB: USD/THB - Looking To Build A Base Above 33.000

The range overnight for USD/THB was 33.150-33.302, Asia is currently trading around 33.140, -0.10%. The pair has topped out toward 33.500 as risk extends higher building on its recent reversal after the FOMC. The US Dollar's pullback though has been non-existent to say the least when compared to the reversal across the broader market. Does it play catch up at some point or is this price action telling us something more because I would normally expect EM to be outperforming in this environment. Having held the pivotal 32.800 area I will be watching to see if this move can build momentum now and reassert its previous uptrend. I suspect dips back toward 33.000 could now be supported in the short-term. * (Bloomberg) - "The Thai government extended a cost-of-living stimulus package introduced to protect more than 40 million people from higher energy costs resulting from the Middle East war." * Thenationthailand: "Thailand will fund a 43-billion-baht relief package from existing borrowing, without taking out new loans, Deputy Prime Minister and Finance Minister Ekniti Nitithanprapas says." * The USD/THB Average True Range for the last 10 Trading days: 125 Points Fig 1: USD/THB Spot Daily