BANGKOK, Thailand – Chokpaisansilp, Head of Research at Kasikorn Research Center, reported that the Thai baht hit a seven-week low of 33.92 per dollar on November 1, before closing at 33.90. The baht’s depreciation this week stemmed from profit-taking after global gold prices surged to record highs, along with foreign investment outflows, totaling 2.44 billion baht in equities and 2.89 billion baht in bonds. Market anticipation around U.S. elections and dollar strength has further pressured the baht, with initial forecasts placing its range between 33.50 and 34.30 baht per dollar next week.
Key Economic Events to Watch:
Analysts suggest monitoring the U.S. presidential election outcome (Nov 5), Federal Reserve policy meeting (Nov 6-7), Thai inflation data for October, and foreign capital flows, especially regarding the Chinese yuan. Other key U.S. indicators include factory orders, October’s PMI/ISM services data, weekly jobless claims, and November’s preliminary consumer sentiment index. Global market eyes are also on the BOE meeting (Nov 7) and PMI data from China, the U.K., Japan, and the Eurozone.
