FRIDAY, March 29, 2024
nationthailand

Baht climbs out of nine-month low against US dollar

Baht climbs out of nine-month low against US dollar

The baht rebounded from a nine-month low, hovering at around Bt31.33 per to the US dollar in Monday (March 2) morning trade

Last week ,Kasikorn Research Centre said the baht had rebounded later in the week, having recouped losses during early to mid-week, after the Thai currency weakened in line with other regional currencies amid growing concerns about the Covid-19 outbreak outside China. 
The baht also fell on net foreign selling orders for Thai stocks and bonds. The baht’s rebound was partly due to position adjustments after it hit a nine-month low of Bt31.93/dollar during the week. On Friday (February 28), the baht closed at Bt31.56/USD, versus Bt31.65/USD on February 21.
During the week of March 2-6, KBank expects the baht to move within a range of Bt31.40-31.90/USD. 
Key factors to be monitored closely are the Covid-19 situation, the US economic data to be released during the week including February non-farm payrolls and ADP Employment Report, January Factory Orders and Construction Spending, plus the US Fed’s Beige Book. In addition, other factors that warrant close monitoring include Thailand’s February consumer price index, the meetings of the Malaysian and Australian monetary policy committees, plus February manufacturing and services purchase managers index of the US, China, Japan and the euro zone, added Kasikorn Research Centre.

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