# FPO sees baht firming to 32 per dollar in 2026, but Fed-cut bets trimmed

> Thailand's Fiscal Policy Office forecasts the baht will average 32.0 per dollar in 2026, within a range of 31.5 to 32.5. The forecast implies about 2.8% appreciation from 2025. The office cut its view because markets now expect two Fed rate cuts rather than three.

- Date: 2026-01-29 · published 2026-01-29T12:00:00.000Z
- Category: macro · region Thailand · magnitude low
- Page: https://feedsoft.ai/events/21332-fpo-sees-baht-firming-to-32-per-dollar-in-2026-but-fed-cut-bets-trimmed
- Commodities: [Thai Baht (THB per USD)](https://feedsoft.ai/c/USDTHB.md)

## Why it matters

A firmer baht forecast reflects weaker dollar expectations and Fed easing, which changes the currency outlook for Thai importers. Direct feed commodity effects are minimal.

## Read by commodity

- USDTHB: bearish ▼

## Sources

- nationthailand.com: https://www.nationthailand.com/business/economy/40061853

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.