Connect with us


Thai Baht hits six year high – 31.05 to the US dollar



The Thai baht has hit a six-year high, reaching 31.05 to the US dollar yesterday after the US Federal Reserve signalled possible interest rates cuts. The US Fed says their monetary easing would be in response to increased economic uncertainty and a drop in inflation expectations.

The Thai currency is forecast to keep trading in a range of 31.15 to 31.25 to the US dollar.

Thai Baht hits six year high - 31.05 to the US dollar | News by Thaiger

Journey of the USD-THB since the start of 2016 –

At a meeting on Wednesday, the US Fed kept interest rates on hold in a 2.25-2.5 per cent target range, amid the trade tensions with China. That was enough to push the Baht to its highest since October 2013.

Krungthai Bank’s chief market strategist Jitipol Puksamatanan noted that one of the US Fed member voted for a rate cut, with seven of the Fed’s 17 policymakers foreseeing the rates cuts amounting to 50 basis points this year.

US stocks rose after the statement, with the S&P500 Index edging up 0.3 per cent. The US dollar depreciated against all assets – from the major currencies to crude oil and gold.

The baht is believed to have gained support from capital markets, which are open to more risks and the prospects coming from a clearly easing US monetary policy.

Major risks to US dollar’s continued depreciation are the ongoing trade negotiations as well as a US economic slowdown as a result of political uncertainties.

Thai Business operators are urging the new government to ease the high living costs for ordinary people as part of efforts to reduce income inequality, while stimulating public investment.

They also say that advances in the country’s transport system should be pushed to increase connectivity and help spur economic expansion. More efforts are also being sought to promote new export markets for agricultural products amid the US-China trade war.

Tourism destinations in smaller communities should be promoted, alongside support for greater marketing opportunities for the products under the One Tambon, One Product scheme.

SOURCE: The Nation


Get more from The Thaiger

Join the conversation and have your say on Thailand news published on The Thaiger.

Thaiger Talk is our new Thaiger Community where you can join the discussion on everything happening in Thailand right now.

Please note that articles are not posted to the forum instantly and can take up to 20 min before being visible. Click for more information and the Thaiger Talk Guidelines.

The Thaiger is Thailand's largest online portal for news, videos and information.

Follow Thaiger by email:

Hong Kong39 mins ago

Shark alert – llegal Chinese money lenders nailed in Pattaya

Thailand57 mins ago

Bangkok airport shames driver for parking in disabled bay

Politics1 hour ago

Never forget Thailand’s October 6 massacre

Sponsored2 hours ago

Segafredo Zanetti Coffee teamed up with Bangkok Airways and hosted “Bangkok Airways Surf Festival 2022”

Thailand2 hours ago

Angry American man smashes up a Thai man’s car

Travel2 hours ago

What to pack for a holiday in Thailand: The essential packing guide

Politics2 hours ago

Rumours of tension between Prayut and Prawit over flood comments

Join the conversation on the Thaiger Talk forums today!
Thailand3 hours ago

Jealous husband allegedly kills wife

Hot News3 hours ago

Taiwan prepares for battle with China

Weather3 hours ago

17 of Thailand’s national parks close waterfalls and attractions due to floods

Hot News3 hours ago

North Korea fires two ballistic missiles in direction of Japan

Thailand4 hours ago

Thailand voted No.3 in list of ‘Top Countries In The World 2022’

World4 hours ago

China punishes Taiwan farmers for Pelosi visit

Hot News4 hours ago

US points fingers at Russia and China over North Korea’s latest actions

Things To Do4 hours ago

Immersed in coffee on Ratchadamri Road

Thailand4 hours ago

Thailand slowly recovering from high prices & Inflation | GMT

Thailand1 year ago

Morning Top Stories Thailand | Police to end protests, Human Trafficking | September 14

Thailand2 years ago

Thailand News Today | Thai Airways in rehab, All go for Songkran | March 4

Tourism2 years ago

Phuket’s nightlife. Yes, bars and clubs are still open | VIDEO

Phuket2 years ago

Thailand News Today | Covid passport talks, Thai Airways heads to court | March 2

Tourism2 years ago

Phuket Thai food treats you need to try | VIDEO

Thailand2 years ago

Thailand News Today | Bars, pubs and restaurants ‘sort of’ back to normal | Feb 23

Tourism2 years ago

In search of Cat & Dog Cafés in Phuket Town | VIDEO

Thailand2 years ago

Thailand News Today | Gambling crackdown, Seafood market to reopen, Vlogger challenge | Jan 21

Thailand2 years ago

Thailand News Today | Covid testing for visas, Business impact, Vaccine approval | January 19

Thailand2 years ago

Thailand News Today | Weekend Bangkok bombs, Thailand fires, Covid update | January 18

Thailand2 years ago

Thailand News Today | Stray car on runway, Indonesian quake, 300 baht tourist fee | January 15

Thailand2 years ago

Thailand News Today | Governor off respirator, sex-trafficking arrest, condo prices falling | January 14

Thailand2 years ago

Thailand News Today | Chinese vaccine, Thailand ‘drug hub’, Covid update | January 13

Thailand2 years ago

Thailand News Today | Bangkok may ease restrictions, Phuket bar curfew, Vaccine roll out | January 12

Thailand2 years ago

Thailand News Today | Covid latest, Cockfights closed down, Bryde’s Whale beached | January 11