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11 Nov 2022

Econ Digest

The Baht resumed strengthening…but watch out for various volatile factors


  • On November 11, 2022, the Baht reversed to appreciate to a level below THB36.00/USD and reached a near 3-month high of THB35.70/USD amid U.S. dollar selling pressure on the expectations that the Fed may scale down its aggressive rate hikes at the next FOMC meetings.
  • In addition, the Baht was also boosted by the news that the U.S. Treasury Department removed Thailand from its Monitoring List in its latest Report on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States, which was released on November 10, 2022.
  • KResearch views that the Baht may move within a volatile range, therefore business operators and investors should closely monitor the situation and gradually hedge their foreign exchange risk. The future movement of foreign exchange may not be unidirectional; there are still a variety of factors that require prudent caution, including signals from the Fed, U.S. economic and inflation momentum, and the overall risks to the global economic outlook.

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