26 Jul 2019
Financial Markets
The Baht weakened against the US dollar. The Baht fell early to mid week amid expectations that the Fed might not aggressively cut its policy rate in the near future. The Baht’s weakness was also in line with net foreign bond selling orders. Meanwhile, the US dollar rose on the budget deal between the Congress and President Trump’s administration, as well as the IMF’s upward revision to the US 2019 GDP outlook. Also, market participants became more cautious towards the Fed’s stance at its meeting scheduled for the end of this month after US economic data came out stronger than expected. ... Read more
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12 Jul 2019
The Baht fluctuated and fell later in the week after the release of BOT’s new Baht measure. The Baht fell early in the week on the US dollar short-covering orders before the Fed Chairman’s testimony to the US Congress. The Baht, however, rebounded after the Fed Chairman’s comment was seen as a signal to cut rate in the near future. The Baht fell later in the week after the BOT announced to cut limit on outstanding of the NRBA and NRBS to THB200 million and increase surveillance on bond holding by non-residents ... Read more
5 Jul 2019
The Baht fell slightly after having hit a 6-year high of THB30.52/USD. The Baht rose on net foreign stock and bond buying orders, while the US dollar fell on weak economic data that reinforced expectations about the Fed policy rate cut. However, the Baht pared those gains later, while the US dollar was supported by investors’ position adjustments before US Non-Farm Payrolls report. ... Read more
28 Jun 2019
The Baht strengthened against the US dollar during the week. The Baht hit a new 6-year high of THB30.62/USD early in the week amid expectations that the Fed might cut its policy rate at its meeting in July. However, the Baht fell on position adjustment around mid-week before bouncing back after the BOT’s MPC meeting decided to keep its benchmark rate unchanged at 1.75%. Meanwhile, market participants also awaited the upcoming US-China trade negotiation. ... Read more
21 Jun 2019
The Baht hit a 6-year high against the US dollar. The Baht fell briefly early in the week, as investors covered their short US dollar positions ahead of the FOMC meeting. However, the Baht rebounded later and hit the strongest level in 6 years at THB30.79/USD after the Fed meeting. Although the Fed decided to keep the fed funds rate unchanged, it hinted at rate cuts in the future amid concerns about the US-China trade tension and the economic slowdown.... Read more
14 Jun 2019
The Baht hit a 3-1/2 month high of THB31.14/USD. The Baht rose along with net foreign stock and bond buying orders earlier in the week. In addition, the US dollar tumbled on an expectation that the Fed might cut its policy rate by the end of the year, and disappointing US economic data, including weak inflation and weekly jobless claims data.... Read more
7 Jun 2019
The Baht hit the strongest level in over 3 months at THB31.28/USD. The Baht strengthened in line with net foreign stock and bond buying orders, while the US dollar fell on the Fed Chairman’s remarks that the Fed would act appropriately to sustain the US economic expansion, fuelling expectation of the US rate-cut later this year. Weaker than expected US economic data, including ADP employment data, also weighed down the US dollar sentiment.... Read more
31 May 2019
The Baht strengthened, after having fallen earlier in the week. The Baht weakened along with other regional currencies that were pressured by concerns about the trade tension between the US and China. However, the Baht rebounded later in the week on net stock and bond buying orders of foreign investors. Report on the macroeconomic and FX policies of major trading partners released by the US Treasury showed that Thailand was not added in the monitoring list as market participants were concerned before.... Read more
24 May 2019
The Baht rebounded later in the week, after having fallen to the THB32.00/USD level. The Baht fell early to mid week, along with the weaker Yuan and other regional currencies amid heightened trade tension between the US and China. However, the Baht pared losses somewhat and recovered later in the week on technical buying orders, while regional stocks and currencies also recouped their losses.... Read more
17 May 2019
The Baht weakened later in the week. The Baht fell briefly in line with weaker Yuan and other Asian currencies. The Baht later rebounded to a 2-1/2 month high of THB31.45/USD on net foreign bond buying orders, as market participants put focus on the US Treasury’s FX report. However, the Baht fell later in the week on weak Asian currencies amid cautious sentiment related to the US-China trade talks, while the US dollar gained momentum on stronger-than expected US economic data. ... Read more
10 May 2019
The Baht tested the THB31.55/USD level, an over 1-month high, in late week. The Baht rose early in the week amid heightened tension between the US and China on their trade deal. In addition, there were short-covering orders, as Thai financial markets reopened after long holidays. The Baht weakened briefly due to the BOT’s MPC meeting result, but rebounded to an over 1-month high later in the week, as the US dollar fell on weak economic reports, and cautious sentiment ahead of the final US-China trade talks.... Read more
3 May 2019
The Baht fell slightly, but still traded within a narrow range around THB32.00/USD. The Baht edged up early in the week, as the US dollar barely drew any support ahead of the FOMC meeting. The Baht weakened later in the week, as the US dollar rose after the Fed gave no signal to cut its policy rate in the near future. In addition, the Baht fell on net foreign bond selling orders. ... Read more
26 Apr 2019
The Baht hit a near 4-month low of THB32.10/USD, before paring losses. The Baht fell in line with net foreign selling orders of Thai bonds and weak regional currencies. The US dollar rose on stronger-than-expected US economic data, and also extended gains against the Euro on the back of concerns about the slower economic prospects in Germany and the Eurozone. However, the Baht pared losses somewhat and rebounded late in the week.... Read more
19 Apr 2019
The Baht fell to THB31.80/USD. The Baht weakened after the reopening of domestic financial markets following long public holidays. The Baht’s weakness was in line with net foreign stock and bond selling orders while the US dollar gained on stronger-than-expected US economic data, including a fall in February trade deficit, declines in weekly jobless claims over the past five weeks, and an increase in US retail sales.... Read more
12 Apr 2019
The Baht pared gains later in the week. The Baht rose early in the week on foreign investors’ net buying orders of Thai stocks, while the US dollar fell on a weak US Factory Orders data for February. Later, the Baht pared gains on net foreign bond selling orders, as well as weak regional currencies, after the IMF cut its global growth forecast to 3.3% this year. The Baht rebounded late in the week in line with the Yuan on the back of a stronger-than-expected Chinese export data for March.... Read more
5 Apr 2019
The Baht fell later in the week. The Baht rose early in the week in alignment with the Yuan and other regional currencies amid stronger-than-expected Chinese PMI reported for March. However, the Baht’s upside gains were still limited as market participants awaited a clearer picture of domestic political factors. In addition, the US dollar rose on optimism about the US-China trade deal and buying orders ahead of US Nonfarm Payrolls data.... Read more
29 Mar 2019
The Baht rebounded slightly, after having fallen earlier in the week. The Baht fell early to mid week in line with net foreign selling orders in the Thai stock and bond markets, while investors kept an eye on political situations after the general elections. In addition, the US Dollar rose amid concerns about the global economic slowdown. The Baht hit the weakest level of the week at THB31.95/USD before rebounded somewhat later in the week after there was a clearer picture for domestic political factors than early in the week.... Read more
22 Mar 2019
The Baht stayed in a narrow range, but was volatile after the MPC and FOMC meetings. The Baht moved in a narrow band before falling to a 2-week low of THB31.97/USD after the BOT’s MPC members unanimously voted to keep its policy rate at 1.75%, and the BOT also revised downward its 2019 GDP forecast. However, the Baht rebounded on the US dollar sell-offs after the Fed signaled that it might not raise its policy rate later this year. The Baht stayed in a narrow range again late in the week before the general elections at home.... Read more
15 Mar 2019
The Baht edged up against the US dollar. The Baht rose slightly early in the week while the US dollar fell on weaker-than-expected US CPI and PPI reports for February. The soft US inflation figures reinforced expectations that the Fed’s policy rate-hike pace would be slower this year. However, the Baht weakened later on the back of net foreign selling orders of Thai shares and cautious sentiment toward domestic factors. The Baht rebounded later in the week along with regional currencies while market participants awaited the upcoming FOMC meeting on March 19-20.... Read more
1 Mar 2019
The Baht hit a 1-month low. The Baht edged up early in the week on optimism about the US-China trade talks. The Baht, however, tumbled to a 1-month low of THB31.76/USD on the back of foreign investors’ selling orders of Thai stocks and bonds late in the week. The US dollar also gained on the rising US bond yields after US economic data, including 4Q-18 GDP report, came out better than market expectation. ... Read more
22 Feb 2019
The Baht hit the highest level in more than 5 years at THB31.07/USD, before reversing those gains later in the week. The Baht rose along with risky assets and other regional currencies, including the Yuan amid the US-China trade talks. It also gained on hefty net foreign stock buying orders in mid-week. However, the Baht reversed all gains toward the end of the week on short-covering orders for the US dollar and a weaker-than-expected Thai export data for January. ... Read more
8 Feb 2019
The Baht traded in a narrow range, before weakening later in the week. Although the Baht moved within a limited range, it had a slightly strong bias on the back of net foreign stock and bond buying orders. However, the Baht fell later in the week on the BOT’s signal to step into the market to lessen the abnormal movement. The Baht’s weakness was also in line with net foreign stock and bond selling orders. ... Read more
1 Feb 2019
The Baht hit an almost 9-month high of THB31.18/USD after the FOMC meeting. The Baht rose in line with net foreign stock buying orders and other Asian currencies. The US dollar, however, tumbled on the Fed’s dovish statement. The Fed cut a reference to the Fed’s plan for further gradual rate hikes and gave a cautious approach for the months to come. ... Read more
18 Jan 2019
The Baht hit an 8-month high before paring gains later in the week. The Baht rose in line with net foreign stock buying orders and rising risky assets. Meanwhile, the US dollar faced sell-offs on the back of weak US economic data, signals to slow the US-rate hike path from the Fed Vice Chairman, and concerns about the US partial government shutdown. However, the Baht pared gains somewhat before the weekend. ... Read more
4 Jan 2019
The Baht hit a 7-month high of THB32.00/USD. A stronger Baht was due to the US dollar’s sell-offs amid concerns about a partial government shutdown. Meanwhile, weaker-than-expected US economic data hurt the US dollar sentiment and reinforced worries about uncertain US interest rate hike cycle. The Baht pared losses later in the week, along with a weaker Yuan after the PBOC lowered RRR by 1.0% to support the Chinese economy.... Read more
28 Dec 2018
The Baht rose to test THB32.40/USD later in the week amid the US dollar’s sell-offs on the back of concerns about the US partial government shutdown, economic slowdown in the US and globally, as well as prolonged trade tension between the US and China.... Read more
14 Dec 2018
The Baht rose, but within a narrow range. The Baht rose slightly in line with the Yuan and other Asian currencies amid easing concerns about the US-China trade tension after news reported that China could undo the tariffs on American-made cars. However, the Baht’s upside gains were capped later while the US dollar rebounded after the ECB cut its economic growth forecasts for this year and next year despite the confirmation of a halt for asset-purchase program at the end of this month as planned. In addition, the US dollar gained on short-covering ahead of the FOMC meeting.... Read more
30 Nov 2018
The Baht broke the THB33.00/USD level. The Baht rose amid the US dollar’s sell-offs after the Fed Chairman said that the Fed’s benchmark rate is just below neutral level. The remarks were seen as a signal for a slower tightening cycle of the Fed rate hikes in 2019. However, the Baht’s upside gains were limited, as market participants awaited the outcome of the summit between US President Donald Trump and Chinese President Xi Jinping. ... Read more
23 Nov 2018
The Baht weakened later in the week. It briefly rose early in the week on doubts about the US rate-hike outlook next year after Fed officials expressed concerns about the weaker global economic outlook. However, the Baht reversed gains and fell later in the week on a weaker-than-expected 3Q-18 Thai GDP report. It was also weighed down by tumbling risk sentiment while market participants kept an eye on clearer situations of the BREXT and the US-China trade deal. ... Read more
16 Nov 2018
The Baht was stronger than THB33.00/USD again. It briefly fell early in the week on the US rate-hike prospect, which helped support the US dollar sentiment. However, the Baht rebounded later on as the US dollar faced sell-offs amid hopes for solutions toward the BREXIT deal and US-China trade negotiation. In addition, the Baht gained on the BOT’s MPC meeting outcome (Nov. 14), showing that there were more members voting for a 25 bp rate hike, although a majority of members voted for holding the policy rate unchanged at 1.50%. The Baht stayed in a narrow range later in the week, as market participations awaited clearer situations of the BREXT and the US-China trade deal. ... Read more
9 Nov 2018
The Baht was weaker than THB33.00/USD again. The Baht was volatile early in the week ahead of the US mid-term elections. However, the Baht rebounded later on as the US dollar fell after the midterm elections results. Democrats won the U.S. House of Representatives while Republicans held on to their Senate majority. However, the dollar rebounded late in the week on the back of the FOMC meeting results. The Fed held its benchmark rate unchanged, but signaled to continue the tightening cycle in the near future, meaning there is a likelihood of another rate hike in December. ... Read more
26 Oct 2018
The Baht weakened and later broke the THB33.00/USD level. The Baht fell on a disappointing Thai export data and hefty net foreign stock selling-orders during the week. Meanwhile, the US dollar rose amid risk aversion, triggered by concerns about the EU’s formal steps to reject Italy's budget and Chinese economic slowdown. The US dollar also gained on stronger-than-expected US pending home sales and durable goods orders reports for September. ... Read more
19 Oct 2018
The Baht strengthened, but its gains were capped later in the week. The Baht rose early- to mid-week along with net foreign bond buying orders while the US dollar fell on a weaker-than-expected US retail sales data. However, the Baht pared gains somewhat later in the week in line with falling risky assets. Meanwhile, the US dollar was boosted by the FOMC minutes for their 25-26 September meeting that reiterated the Fed’s rate-hike outlook next year. The weakening Yuan on a disappointing Chinese GDP report for 3Q-18 also weighed down regional currencies, including the Baht. ... Read more
28 Sep 2018
The Baht rose slightly late in the week, but its movement remained tight. The Baht fell early in the week in line with other regional currencies amid steepened tension related to the US-China trade deal after China canceled trade talks with the US before the latter’s new tariffs on Chinese goods were set to go into effect. In addition, the US dollar was supported by position adjustments ahead of the FOMC meeting. The Baht, however, rebounded later in the week on net foreign bond and stock buying orders. ... Read more
14 Sep 2018
The Baht hit a 2-month high last week. The Baht fell briefly early in the week on concerns about the fragile emerging markets while the US dollar extended gains on a stronger-than-expected US Non-farm Payrolls data. However, the Baht rebounded later in the week, along with net foreign buying orders in the Thai stock and bond markets. In addition, the US dollar faced sell-offs, after the US CPI and PPI inflation data came out weaker than market expectations. The ECB’s signal to end its QE program also weighed down the US dollar. ... Read more
31 Aug 2018
The Baht fell, after having hit a 2-month of THB32.50/USD. The Baht rose on net foreign bond buying orders and the US dollar’s sell-offs on the back of US-Mexico trade deal. However, the Baht weakened later in the week, as the US dollar strengthened on stronger than expected US economic reports that reinforced expectation that the Fed would raise their policy rate at the FOMC meeting in September. In addition, the falling emerging markets assets and the BOT’s signal to closely monitor the Baht movement. ... Read more
24 Aug 2018
The Baht broke the THB33.00/USD level. The Baht rose to a 2-month high of THB32.65/USD after the Yuan and other Asian currencies rose on the back of optimism on the US-China trade negotiations. The US dollar faced sell-offs after US President Trump criticized the Fed Chairman and said that he disagreed with the Fed’s rate-hike decision. The Baht pared gains later in the week, while the US dollar recovered on investors’ short-covering ahead of the annual Jackson Hole symposium and no development concerning US-China trade talks. ... Read more
17 Aug 2018
The Baht rose late in the week. The Baht fell briefly early of the week, after concerns about the Lira crisis triggered sell-offs of emerging-market assets, Asian currencies, and the Baht. However, the Baht later pared those losses and recovered on the back of the rebounding Yuan and other Asian currencies, helped by optimism about the U.S.-China trade talks. In addition, the Baht rose on net foreign bond buying orders during the week. ... Read more
10 Aug 2018
The Baht pared gains around end of week. The Baht earlier rose on net foreign stock buying orders, and the rebounding Yuan after the PBOC signaled that they would take action to stabilize the Yuan movement. The US dollar sell-offs on the back of the falling US bond yields were also the Baht’s supportive factor. The Baht pared gains and weakened later in the week, while the US dollar rose as a safe-haven currency amid the trade tension among the US and their trading partners. ... Read more
3 Aug 2018
The Baht weakened after the FOMC meeting. The Baht briefly rose on net foreign stock and bond buying orders. However, the Baht reversed those gains later in the week, along with weakening Yuan and regional currencies. Meanwhile, the dollar rose on the Fed’s statement, signaling that they would likely raise their policy rate at the meeting in September. The US dollar sentiment was also boosted by strong US ADP employment data, and weekly jobless claims report. ... Read more
13 Jul 2018
The Baht hit over 9-month low of THB33.29/USD. The Baht fell to THB33.36/USD, the weakest level in 9 months. A weaker Baht was in line with the Yuan and regional currencies amid concern about the international trade situation between the US and China. Meanwhile, the US dollar also gained on strong US economic reports, including higher CPI and PPI inflation, and lower weekly jobless claims data, that supported the Fed’s gradual rate hike cycle. ... Read more
6 Jul 2018
The Baht hit over 8-month low of THB33.29/USD. The Baht and regional currencies fell along with risky assets, and Chinese Yuan (although the PBOC signaled to monitor the Yuan movement) amid concern about the international trade situation between the US and China, as US tariffs imposed on imports from China took effective on July 6. Meanwhile, the Baht’s weakness was capped somewhat ahead of the US Nonfarm Payrolls data. ... Read more
29 Jun 2018
The Baht hit over 8-month low of THB33.22/USD. The Baht fell along with Chinese Yuan, most Asian Currencies, and other risky assets amid concerns about the international trade situation between the US and their trading partners, especially restrictions on investment and trade. The Baht was also pressured by net foreign stock and bond selling orders. ... Read more
22 Jun 2018
The Baht broke the THB33.00/USD level to hit over 7-month low. The Baht fell along with net foreign stock and bond selling orders, while the US dollar rose further on the Fed Chairman’s remarks about more interest rate hikes in the coming months. Meanwhile, concerns about the international trade situation between the US and their trading partners also triggered sell-offs of risky assets, and affected sentiment of Asian currencies. ... Read more
15 Jun 2018
The Baht hit over 5-month low of THB32.46/USD. The Baht fell on net foreign stock and bond selling orders, while the US dollar rose strongly after the FOMC meeting. The Fed gave a hawkish signal that there would be two more rate hikes later in the year, compared with one hike signaled earlier. The US dollar also rose after the ECB said that their policy rate would be kept at low levels despite the halts of their QE measures.... Read more
1 Jun 2018
The Baht weakened slightly. The Baht fell to the weaker side of THB32.00/USD in early to mid week, along with weak regional currencies and net foreign selling orders for Thai stocks, while the US dollar also gained, especially against the Euro, pressured by concern about political uncertainty in Italy. However, the Baht rebounded somewhat later in the week on net foreign bond purchases. Meanwhile, the US dollar fell on fading concerns about political situation in Italy and renewed uncertainty about trade policy about the US and their trading partners.... Read more
25 May 2018
The Baht rose to the stronger side of THB32.00/USD. The Baht briefly fell early in the week on news that the US and China put trade war on hold. However, the Baht reversed those losses and strengthened later in the week, while the US dollar fell on concerns about uncertain outcome of US-China trade talk. Meanwhile, the Baht gained on net foreign bond buying orders. ... Read more
11 May 2018
The Baht broke the THB32.00/USD to hit a 4-month low of THB32.22/USD. The Baht fell, while the US dollar extended gains on expectations of the Fed’s rate hikes, boosted by surging global oil prices and higher inflationary concerns. However, the Baht pared those losses later in the week, as the dollar faced sell-offs on a weaker-than-expected US CPI report. ... Read more
The Baht weakened further against the US dollar. The US dollar rose on US economic data, including industrial production, and Philadelphia Fed business outlook survey that came out stronger than expected, as well as the rising US bond yields. US 10-year Treasury bond yield hit its highest level since 2011. The Baht’s losses were also led by net foreign stock and bond selling orders later in the week.... Read more
4 May 2018
The Baht weakened to nearly THB31.75/USD. It appreciated early in the week, while investors sold the US Dollar somewhat to adjust their positions before the latest Fed meeting. However, the Baht pared those gains and weakened later on Thai bond sell-offs by foreign investors. The US Dollar was also supported by the Fed announcement of the US inflation that was closer to the target.... Read more
27 Apr 2018
The Baht hit a 2-month low. The Baht fell, while the US dollar rose along with the rising US bond yields. US 10-year yield surged to above 3%, the highest level in 4 years. In addition, the weak Baht was also in line with net stock and bond selling orders of foreign investors during the week. ... Read more
20 Apr 2018
The Baht fell slightly against the US Dollar, but its movement overall remained within a narrow range all week. The baht fell along with weakening regional currencies, while the US Dollar rose on higher US Treasury yields after Fed officials remarked that the US inflation rate would likely increase to the Fed’s target this year. The weaker Baht was also in line with net foreign bond selling positions during the week. ... Read more
9 Oct 2017
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