Baku:The Thai baht showed strength this morning, trading at 33.53-33.55 baht per US dollar, compared to the previous day’s closing level of 33.61 baht per US dollar. Kasikorn Research Center has estimated today’s trading range to be between 33.45 and 33.60 baht per US dollar.
According to Thai News Agency, despite this initial strengthening, there are concerns about potential downward pressure on the currency. Factors such as rising global crude oil prices, driven by increased tensions in the Middle East, could negatively impact the baht. Reports of Houthi attacks on Saudi Arabia and risks in the Strait of Hormuz have contributed to Brent crude oil prices exceeding $107 per barrel.
The overall market movement is expected to remain restricted, as investors and financial markets keep a close eye on inflation data and comments from Federal Reserve officials to gauge future interest rate policies. Additionally, ongoing attention is needed for developments in the Middle East, the direction of oil and gold prices, China’s September economic data, and insights from the Federal Reserve’s Beige Book economic report.