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Since 19 April 2024, many currencies, especially Asian currencies, have experienced a sharp depreciation in years, whether it is
The USD appreciation against major currencies follows the rising yields on U.S. government bonds as investors sell Safe Haven such as gold and U.S. government bonds and acquire more risky assets after the conflict between Israel and Iran after Israeli officials said that the attack was merely symbolic rather than intended to destroy Iran. In contrast, Iranian officials insist Iran has no plans to retaliate against Israel.
Investors believe the Fed will maintain the Fed Funds rate at 5.25 – 5.50 % in its meeting on April 30 – 1 May 2024. In addition, the Fed’s first rate cut this year may be postponed to July from earlier expectations in June after the Federal Reserve Chairman, Jerome Powell, expressed concern about high US inflation.
Money Market and International Transaction Business Department, TMB Thanachart (ttb) announced that the baht value on 23 April 2024 opened at 37.10 Baht/USD, depreciating from the closing price on the previous day at 37.01 Baht/USD.
Nonetheless, today (24 April 2024) The baht turned stronger (winding in the range of 36.87-37.07 baht/dollar) after the US economic data worsened than expected, increasing the possibility of FED interest rate cuts twice, weakening the dollar, coupled with selling of gold.
Analysts predict that the Baht will not continue to appreciate much because most market players are waiting for the stronger Baht to gradually acquire or increase short THB (weak baht view), especially foreign players after foreign analysts have revised their forecast of baht value to depreciate to 37.50-38 baht/USD in Quarter 2 and 3.
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