Baht hits new low on local woes, US data
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US ECONOMIC data released last week and developments on the domestic political front sent the baht to a six-and-a-half year low at more than 36 per US dollar Monday.
“The market now believe that the United States’ central bank might have a greater probability of increasing its interest rate this month following the US’ announcement that its unemployment rate has declined to 5.1 per cent while average income per hour has also increased more than expected,” Chirathep Senivongs Na Ayudhya, spokesman for the Bank of Thailand, said Monday.
The baht has retreated in tandem with currencies in the region since the market has swung back to the expectation that the US Federal Reserve will hike the country’s interest rates at its meeting this month.
