BANGKOK, Thailand – The Thai baht closed the market on October 29 at 33.76 baht per dollar, appreciating from the previous day’s closing of 33.86 baht per dollar. Ms. Kanjana Chokpaisalsilp, a research executive at Kasikorn Research Center, attributed this strengthening to the increase in global gold prices and a slowdown in the U.S. dollar’s strength.
Despite the baht’s rise, most Asian currencies weakened today, and foreign investors sold a net of 1.7 billion baht in Thai stocks and 533 million baht in bonds. The market is closely monitoring several key factors from the United States, including labor market statistics and developments surrounding the upcoming presidential election.
For Wednesday, the baht is expected to fluctuate within the range of 33.65 to 33.90 baht per dollar. Important factors to watch include foreign capital flows, regional currency trends, the countdown to the U.S. presidential election, Eurozone GDP for Q3 2024, and U.S. economic indicators such as October’s private sector employment numbers, pending home sales for September, and Q3 2024 GDP data.
