BANGKOK, Thailand – The Thai baht opened on January 17 at 34.58 baht per US dollar, slightly appreciating from the previous day’s close of 34.60 baht. Analysts project the baht will trade within a range of 34.45 to 34.70 baht per dollar over the next 24 hours.
Since last night, the baht has exhibited a gradual strengthening trend, moving in a Sideways Down pattern within the range of 34.52–34.66 baht per dollar. This movement has been supported by a slight decline in the US dollar and a drop in US 10-year bond yields.
The downward adjustment follows weaker-than-expected US retail sales data for December, which grew by just 0.4% month-on-month. Additionally, Federal Reserve officials have signaled the possibility of gradual interest rate cuts this year if inflation shows signs of deceleration, boosting confidence in achieving their inflation targets.
Market participants have responded by increasing the likelihood of two Fed rate cuts this year to 68%, based on the latest Dot Plot projections.
