18 Apr 2022
Financial Markets
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11 Apr 2022
4 Apr 2022
28 Mar 2022
7 Mar 2022
28 Feb 2022
21 Feb 2022
4 Feb 2022
28 Jan 2022
21 Jan 2022
14 Jan 2022
7 Jan 2022
30 Dec 2021
24 Dec 2021
17 Dec 2021
10 Dec 2021
3 Dec 2021
26 Nov 2021
16 Nov 2021
5 Nov 2021
The Baht weakened against the US dollar during the first week of November. The Baht moved in line with foreign fund flows into the Thai stock and bond markets ahead of the FOMC meeting. However, it weakened later along other regional currencies, as the US dollar rebounded on strong US labor market reports, including ADP employment and weekly jobless claims data, after having briefly fallen mid-week on the Fed’s decision to taper QE measure as expected and signal that it can be patient on rate hikes. ... Read more
29 Oct 2021
The Baht moved in a volatile range but strengthened against the US Dollar. The Baht rose early in the week in line with net foreign bond buying orders, while the US Dollar lacked momentum after the US treasury yield slipped below 1.60%. However, the Baht weakened briefly around midweek in line with the Yuan and other Asian currencies amid concerns over fragile signs of Chinese property market before surging again at the end of the week, as the US Dollar was pressured by the weaker-than-expected US GDP report for 3Q21. ... Read more
21 Oct 2021
The Baht moved within a tight range but weakened slightly against the US dollar. The Baht fell on USD buying orders from importers, while the US dollar gained on the rising US treasury yields. The 10-year US bond yield hit a 5-month high of 1.67%. However, the Baht’s losses were capped somewhat by net stock buying position coming from foreign investors. ... Read more
19 Oct 2021
The Baht resumed the appreciation trend. It hit its highest level in 3 weeks ofTHB33.16/USD, supported by news that the Thai government would continue its reopening plan, plus net foreign stock and bond buying orders. Meanwhile, the US Dollar weakened in line with the decline in 10-year US treasury yield. However, the Baht pared gains somewhat at the end of the week after the US Dollar rose on a stronger-than-expected US weekly initial jobless claim report. ... Read more
8 Oct 2021
The Baht hit a new 4-year low of THB33.99/USD during the week of Oct 4-8. The Baht fell in line with other regional currencies, as the US dollar rose along with US treasury yields, boosted by stronger-than-expected US ISM Services Index, ADP employment and Jobless Claims reports. The US dollar also gained on expectations for a tighter monetary policy from the Fed after the rising global oil prices triggered concerns about inflationary pressures. ... Read more
1 Oct 2021
The Baht hit a 4-year low of THB33.97/USD before rebounding somewhat later in the week. The Baht fell on USD-buying orders at the quarter-end and net foreign selling orders in the Thai bond market. Meanwhile, the US dollar rose along with expectations that the Fed would exit its extraordinarily easing monetary policy in the coming months. However, the Baht rebounded after the US dollar was weighed down by a weaker-than-expected US jobless claims report, and concerns about the US debt ceiling problem. ... Read more
28 Sep 2021
The Baht weakened on net foreign bond selling orders and tumbling risky assets amid concerns about the default of a Chinese property developer. Meanwhile, the US dollar gained after the Fed Chair signaled a taper of its bond-buying program in November while the new dot plot hinted that the US policy rate might increase next year. However, the Baht pared losses somewhat later in the week. ... Read more
17 Sep 2021
The Baht broke the THB33.00/USD level to hit the weakest level in 3 weeks at THB33.26/USD. A weaker Baht was in line with net foreign bond selling orders worth THB26.8 billion. The US dollar also rose along with the US bond yields, after strong US retail sales, NY Empire State Manufacturing and Philadelphia Fed Manufacturing surveys boosted expectations that the Fed could give details on tapering QE at the FOMC meeting on September 21-22.... Read more
10 Sep 2021
The Baht rose later in the week. The Baht weakened in line with net foreign stock and bond selling orders during the week while the US dollar rose as a safe-haven currency amid concerns about the global economic slowdown hit by the delta variant. However, the Baht pared those losses somewhat and rebounded later in the week in line with the Yuan and other Asian currencies, as the US dollar was weighed down by the falling US long-term bond yields and the ECB’s slowing down its asset purchase program (PEPP).... Read more
3 Sep 2021
The Baht pared gains and weakened later in the week. The Baht rose early-to mid-week on net foreign stock and bond buying orders, while the US dollar faced sell-offs after the Fed Chair signaled that the Fed might taper its bond-buying program with no hurry to raise interest rates. The Baht pared gains somewhat and weakened later in the week on covering short USD positions ahead of the release of US Non-Farm Payrolls data. ... Read more
27 Aug 2021
The Baht hit a 6-week high of THB32.61/USD. The Baht rose on technical-buying orders and position adjustments ahead of the Fed Chair’s speech at the Fed annual Jackson Hole symposium that market participants kept an eye on to assess a chance of QE tapering. The Baht also rose on net foreign stock and bond buying orders amid easing concerns about the domestic COVID-19 situation. ... Read more
23 Aug 2021
The Baht moved within a narrow range. The Baht weakened early in the week amid concerns over the Thai economic outlook due to the impact of the prolonged COVID-19 pandemic. Later, the Baht rebounded briefly on position adjustments before the release of the FOMC meeting minutes. However, the Baht tumbled again during the rest of the week in line with net foreign stock and bond selling orders. In addition, the US Dollar was supported by expectations that the Fed may start reducing its bond purchase program before the end of this year if the US labor market continues to show signs of recovery. ... Read more
13 Aug 2021
The Baht remained weak, having hit a 3-year low of THB33.49/USD during the week. The Baht tumbled earlier in the week amid concerns about the domestic COVID-19 outbreak, while the US dollar rose on the Fed’s signal of a chance for QE tapering later this year. The Baht rebounded briefly on the US Dollar profit-taking, but later faced sell-offs amid heightened COVID-19 risks and a better-than-expected US jobless claims report that helped support the greenback sentiment. ... Read more
6 Aug 2021
The Baht hit a near 3-year low of THB33.39/USD. The Baht faced sell-offs amid the rising risk from the currently severe COVID-19 outbreak that is set to dampen the Thai economic outlook in 2021 and 2022. In addition, the US dollar was supported by a strong US Jobless Claims report and the Fed officials’ remarks that reinforced expectation for the Fed’s QE tapering that could start as early as this year. During August 2-6, the Baht fell by 1.4%. ... Read more
2 Aug 2021
The Baht hit its lowest level in 15-1/2 months of THB32.99/USD before rebounding somewhat at the end of the week. The Baht weakened amid concerns towards the surging number of COVID-19 cases at home, placing intense pressure on Thailand’s healthcare system. Meanwhile, the Baht along with the yuan and other regional currencies weakened early in the week. However, the Baht pared losses and rebounded somewhat after the Fed meeting showed that the Fed is in no hurry to tighten monetary policy in the near future, which caused the US dollar to weaken. ... Read more
27 Jul 2021
The Baht hit a new 15-month low of THB32.94/USD. The Baht tumbled further as confirmed domestic COVID-19 cases continued to surge over 10,000 cases per day. The worsening COVID-19 situation has reinforced concerns about its impact on the path to Thailand’s economic recovery. Other Asian currencies weakened against the US dollar later in the week, as well.... Read more
16 Jul 2021
The Baht hit a 15-month low of THB32.80/USD towards the end of the week. The Baht traded within a narrow range earlier in the week, while the US dollar fell on a signal by the Fed Chairman that the Fed would not tighten its monetary policy in the immediate future despite a surge in inflation. However, the Baht fell later in the week on concerns about the domestic COVID-19 situation and vaccine rollout problem. Additionally, the greenback was supported by a stronger-than-expected US weekly jobless claims report.... Read more
9 Jul 2021
The Baht faced sell-offs during the week of July 5-9. The Baht hit a near 15-month low of THB32.73/USD amid concerns about the domestic COVID-19 situation with a surge in covid cases. The protracted COVID-19 pandemic led to an implementation of the stricter control measures and dampened the economic outlook over the rest of the year. However, a weaker Baht was in line with its regional peers that were also hit by new covid variants.... Read more
2 Jul 2021
The Baht broke the THB32.00/USD level to hit THB32.27/USD, the weakest level in almost 14 months. The Baht tumbled on concerns about the domestic COVID-19 situation and data showing that Thailand’s current account balance posted a deficit for the seventh consecutive month. Meanwhile, the US dollar rose on strong US economic data, including weekly jobless claims and ADP employment report for June. ... Read more
21 Jun 2021
The Baht hit a 13-month low of THB31.98/USD, before paring losses somewhat later in the week. The Baht weakened, as the US dollar rose on Fed officials’ remarks, signaling that the Fed might tighten its monetary policy sooner rather than later. The Baht fell further on concerns about the domestic COVID-19 situation and effectiveness of control measures. The BOT’s downward revision of the economic growth outlook for 2021-2022 also dampened the Baht sentiment. ... Read more
14 Jun 2021
The Baht strengthened against the US dollar. The Baht was supported by net foreign stock and bond buying orders and promising news regarding the mass vaccination rollout across the nation early in the week. Meanwhile, the US dollar continued to weaken in line with the declining of US bond yields (the 10-year treasury yield fell below 1.50%) as the market expected that Fed would be in no rush to signal for tightening monetary policy soon despite the rising US inflation data. ... Read more
7 Jun 2021
The Baht weakened later in the week. The Baht rose early in the week in line with most other regional currencies and net foreign buying-orders for Thai stocks and bonds. However, the Baht pared those gains and weakened later in the week. Meanwhile, stronger-than-expected US economic data, including PMI and ADP employment data for May, supported the US bond yields and dollar ahead of the US Non-farm Payrolls report.... Read more
28 May 2021
The Baht edged stronger in line with the Yuan and most other regional currencies. It also gained on net foreign bond-buying orders and a stronger-than-expected Thai export data for April. Meanwhile, the US dollar was weighed down by remarks of the Fed officials signaling that the Fed would continue to implement its easing monetary policy instruments and their views that the US inflation pressure would be temporary.... Read more
21 May 2021
The Baht traded in a narrow range. The Baht fell slightly amid concerns about the COVID-19 situation at home, which is set to dampen the Thai economic outlook. Meanwhile, the US dollar rose after the FOMC minutes discussed the inflation outlook and a plan for adjusting the pace of asset purchases. However, the Baht rebounded later in the week, while the higher risk sentiment triggered the greenback sell-offs. ... Read more
14 May 2021
The Baht weakened after rising briefly early in the week as the US dollar fell on a disappointing US Non-Farm Payrolls report. However, the Thai currency tumbled later on, while the US dollar strengthened along with the rising bond yields on the back of a stronger-than-expected US CPI data, triggering bets that the Fed would tighten its monetary policy in the near future. However, the Baht’s losses were capped somewhat amid the weakening greenback after the Fed Vice Chair reiterated that it would maintain easing monetary policy stance and the surging inflation would only be short term. ... Read more
7 May 2021
The Baht traded in a narrow range. The Baht rose slightly on position adjustment after the domestic financial markets reopened mid-week. It reversed those gains later amid concerns over the economic impacts from the third wave of COVID-19 at home. However, the Baht rebounded later in the week as the US dollar fell on fading expectation that the Fed would start to tighten its monetary support. The US Treasury Secretary also stated that inflationary pressure has not been an issue for the US economy. ... Read more
30 Apr 2021
The Baht hit a 1-month high of THB31.135/USD after breaking the THB31.20/USD level later in the week. The Baht rose along with net foreign bond buying orders, while the US dollar face sell-offs on the back of the Fed’s easing monetary policy stance. The latest FOMC meeting signaled that the Fed would keep its easy money policy and may not be ready to taper its QE measure because the COVID-19 situation remained uncertain and could dampen the US economic outlook. ... Read more
23 Apr 2021
The Baht hit the weakest level in a week at THB31.44/USD amid concerns about the third wave of COVID-19 at home, with the number of daily cases rising at an alarming rate. Meanwhile, the US dollar rose as a safe-haven currency later in the week after the US President Joe Biden proposed a plan to hike tax rates. The US dollar also gained on a better-than-expected US jobless claims report, signaling a recovery in the US labor market. ... Read more
16 Apr 2021
The Baht regained strength towards the end of the week. The Baht hit a 6-month low of THB31.57/USD earlier in the week amid concerns about the third wave of COVID-19 at home as it has spread widely and could have adverse impacts on the Thai economic outlook. However, the Baht rebounded strongly on the last trading day of the week, while the US dollar faced sell-offs on the lower US bond yields. ... Read more
9 Apr 2021
The Baht hit a 6-month low of THB31.51/USD. The Baht fell along with other regional currencies early in the week, while the US dollar extended its gains on a stronger-than-expected US non-farm payrolls report for March that helped boost hopes for the US economic recovery. The Baht then fell to a 6-month low of THB31.51/USD later in the week amid concerns about the country’s third wave of COVID-19, with the disease widely spreading to many provinces.... Read more
2 Apr 2021
The Baht hit a 5-1/2 month low of THB31.40/USD. The Baht weakened, while the US dollar rose as a safe-haven currency amid concerns about media reports that a US-based hedge fund defaulted on margin calls. The US dollar also extended gains on the prospect of a strong US economic recovery, boosted by the US President Joe Biden’s infrastructure plan. Meanwhile, the Baht fell on profit and dividend repatriation by foreign investors at the end of 1Q-2021. ... Read more
26 Mar 2021
The Baht fell along other regional currencies, while the US dollar rose on positive US economic views given by the Fed chairman and Secretary of the Treasury, as well as a better-than-expected US jobless claims report. The Baht was also hit by weak export data for February. However, the Baht’s losses were capped somewhat by rising stocks and strengthening currencies in the region later in the week. ... Read more
12 Mar 2021
The Baht fell to a 4-month low of THB30.95/USD. The Baht weakened early in the week, as the US dollar rose along with the rising US bond yields, supported by the US stimulus measures. The Baht pared losses somewhat on the back of the correction in US bond yields and net foreign stock and bond buying orders. However, it weakened again later in the week in line with regional peers, as the US dollar gained on higher US yields. ... Read more
5 Mar 2021
The Baht hit a near 4-month low of THB30.51/USD. The Baht weakened along with other Asian currencies, while the US dollar extended gains on the rising US bond yields, supported by the Fed Chair’s remarks signaling that the Fed would have no additional measures to slow the yield upward trend. The US yields were also boosted by hopes for the US stimulus measures and stronger-than-expected US economic data. ... Read more
25 Feb 2021
The Baht traded at the weaker side of THB30.00/USD. It fell early in the week along with net foreign stock and bond selling orders. Meanwhile, the US dollar was boosted by the rising US bond yields on the back of the US economic optimism. The US dollar’s gains were capped somewhat by the Fed Chair’s testimony on the Fed’s easing monetary policy stance. However, the Baht fell again later in the week on a report showing that Thailand’s current account posted a deficit in January. ... Read more
22 Feb 2021
The Baht weakened but later rebounded later in the week. The Baht moved in a tight range before weakened later due to the strengthening greenback on the rising US bond yields amid signs of the US economic recovery. However, the Baht pared losses later in the week, while the US dollar fell on a weaker-than-expected US weekly jobless claims report. ... Read more
11 Feb 2021
The Baht strengthened against the US dollar. The Baht’s gains were in line with other regional currencies and risky assets amid hopes for the US stimulus measures. In addition, the US dollar fell on the Fed Chair’s remarks on easing monetary policy stance, the falling US Treasury bond yields, and the US CPI data, indicating a low inflationary pressure. ... Read more
29 Jan 2021
The Baht rose later in the week. The Baht traded in a narrow range earlier in the week, awaiting new factors, before falling later as the US dollar gained on the Fed’s meeting outcomes, i.e., its policy rate and QE program were kept unchanged, while no new easing measures were announced. The US dollar also rose as a safe-haven currency on concerns that the US President Joe Biden's proposed stimulus package could face resistance in the Congress. The Baht rebounded later in the week along with the CNY and other regional currencies. ... Read more
22 Jan 2021
The Baht rebounded slightly after having fallen earlier in the week in line with other regional currencies amid a number of risks. These include concerns about the economic impacts from the COVID-19 pandemic, problems concerning COVID-19 vaccinations in many countries, and the US political situation before the new US President’s inauguration. However, the Baht reversed those losses while the US dollar was facing sell-offs on hopes for US President Joe Biden’s stimulus package worth $1.9 trillion. ... Read more
15 Jan 2021
The Baht traded in a narrow range, but rose slightly later in the week. The Baht fell in line with the weaker Yuan and other regional currencies while the US dollar gained its strength on the rising US bond yields and buying orders amid US political uncertainty. However, the Baht pared losses somewhat later in the week, after the Fed Chair signaled that the Fed’s QE measures would continue and its policy rate would not be raised in the near future. ... Read more
8 Jan 2021
The Baht weakened at the end of the week. The Baht rose early in the week in line with the Yuan and other regional currencies while the US dollar had no new supportive factors. The Thai currency then pared gains along with weakening regional peers, as well as net foreign selling orders for Thai bonds. Meanwhile, the US dollar rebounded on the rising US bond yields and short-covering orders on the back of stronger-than-expected US economic data, including the ISM service index and weekly jobless claims figures. Meanwhile, the BOT relaxed foreign exchange regulations under the Non-resident Qualified Company Scheme (NRQC Scheme) to help reduce the Baht’s volatility, led by Baht transactions in the offshore markets.... Read more
18 Dec 2020
The Baht broke the THB30.00/USD level. The Baht traded in a narrow range earlier in the week, before strengthened later and hit a 7-1/2 year high of THB29.76/USD on the back of the US Treasury report on macroeconomic and foreign exchange policies of major trading partners of the US that added Thailand to the agency’s monitoring list. The US dollar also fell further after the Fed kept its policy rate unchanged and continued to buy US treasuries and MBS at least USD120 billion each month, signaling an easing monetary policy stance in the coming year. ... Read more
11 Dec 2020
The Baht gradually strengthened to test the THB30.00/USD level before a long holiday in Thailand. The Baht rose on weaker US dollar sentiment and the US dollar sell-offs from exporters. In addition, the Baht’s gains were led by foreign net buying orders for Thai stocks on Tuesday and for Thai bonds on Wednesday. ... Read more
4 Dec 2020
The Baht gradually strengthened in line with other regional currencies against the safe-haven US dollar. Meanwhile, the US dollar faced sell-offs amid hopes towards COVID-19 vaccines and easing monetary policy stance signaled by the Fed Chairman. In addition, the US dollar was under pressure from weaker-than-expected US economic indicators, including November ADP employment report and ISM Non-manufacturing Index. ... Read more
27 Nov 2020
The Baht edged slightly stronger, but the trading range remained narrow during the week. Most market participants kept an eye on the domestic political situation and signals from the relevant authorities to lessen the currency’s volatility. Meanwhile, foreign fund inflows slowed, especially in the bond market. However, the Baht rose steadily along with other regional currencies later in the week on the back of news about COVID-19 vaccines, while the US dollar was pressured by a weaker-than-expected US jobless claims report. ... Read more
20 Nov 2020
The Baht rebounded despite the BOT’s measures to mitigate pressure on the currency. The Baht hit a new 10-month high of THB30.14/USD on net foreign stock and bond buying orders, as well as the appreciation of other Asian currencies due to encouraging news about COVID-19 vaccines. However, it weakened later after the relevant authorities warned against its rapid gains. The Baht rebounded late in the week, as market participations viewed that the BOT’s latest measures, regarding FDC, investment in foreign securities, and bond pre-trade registration, aimed at balancing fund flows, did not prevent capital inflows. ... Read more