BANGKOK, Thailand – The Thai Baht started the day weaker at 34.51 against the U.S. Dollar, down slightly from the previous close of 34.47. The Baht is expected to trade within the range of 34.40-34.65 on November 3 as markets anticipate U.S. economic data, which could increase volatility.
Overnight, the Baht briefly strengthened to 34.40 following a rebound in gold prices to $2,650 per ounce. However, this was short-lived as the U.S. Dollar continued to gain strength. Contributing factors include the euro’s depreciation due to political turmoil in France and better-than-expected U.S. ISM Manufacturing PMI data for November, which rose to 48.4, exceeding market expectations despite indicating ongoing contraction in the sector.
The strong Dollar has pressured commodity prices, including gold and crude oil, adding downward pressure on the Baht. Market participants are advised to remain cautious as further fluctuations are likely with the release of key U.S. economic reports.
