The Baht traded in a range of THB31.10-33.50/USD in 2018. The Baht rose early in the year on net foreign bond buying orders, and safe-haven inflows amid concerns about the risk in the emerging markets. However, the Baht fell later in the year, while the US dollar extended gains on the Fed's rate-hike cycle.
However, the Baht reversed losses in the last week of 2018. The US dollar fell on the Fed's signals for a slower rate-hike cycle, concerns about the US shutdown, and trade dispute between the US and China.