The Foreign Exchange and International Transactions Unit of TMBThanachart Bank (TTB) noted that the Thai baht opened this morning at 33.92 per US dollar, depreciating from yesterday’s closing rate of 33.80 per US dollar.
The weakening of the baht is consistent with other regional currencies, led by the Chinese yuan, amid lingering concerns over trade wars and signs of deflation within China. The Japanese yen, however, remains an exception, maintaining its position near the strongest in five months due to heightened demand for safe-haven assets and expectations of increased interest rates from the Bank of Japan.
The market continues to face risks, including uncertainties surrounding US trade wars and recession risks in the US economy. Recently, President Donald Trump announced a postponement in implementing a 25% tariff on imports from Mexico and Canada until April 2. This exemption applies to goods under the United States-Mexico-Canada Agreement (USMCA).
Regarding the upcoming Federal Reserve policy meeting scheduled for March 18-19, analysts anticipate that the Fed will maintain the short-term interest rates within the current range of 4.25%-4.50%.
As for today’s outlook on the Thai baht, it is expected to move within a range of 33.80-34.20 per US dollar.
