BANGKOK, Thailand – The Thai baht is expected to trade within a range of 33.20-34.05 THB/USD this week, with the 24-hour forecast indicating a movement between 33.50-33.75 THB/USD. As of Monday morning (January 27), the baht opened at 33.69 THB/USD, showing a slight depreciation from last week’s closing level of 33.62 THB/USD.
Since Friday evening, the baht has been moving in a sideways pattern (fluctuating between 33.54-33.70 THB/USD). The currency strengthened briefly alongside the weakening of the US dollar, which was influenced by a rise in gold prices (XAUUSD). This came after the mixed release of the US S&P Global PMI for manufacturing and services in January. While the manufacturing PMI rose to 50.1, better than expected, the services PMI fell to 52.8, worse than anticipated. Additionally, the University of Michigan’s Consumer Sentiment Index for January decreased to 71.1, also below expectations.
Despite the initial strengthening of the baht, its appreciation has started to slow down, with the currency gradually weakening as the US dollar rebounded. Meanwhile, gold prices began to decline due to profit-taking in the market.
