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HSBC raised its USD/THB forecast to 32.0 for Q4 2025, with 31.5 in Q1 2026 and 31.0 in Q2 2026. The pair traded at 32.65 as the baht lost ground despite strength in gold.
HSBC cited export fatigue, a trade balance slipping into deficit and government efforts to curb baht gains through proposed gold-trading taxes.
A slower baht recovery keeps Thai import costs higher, but the direct impact on grain, oilseed or meal prices is limited.
exchangerates.org.ukDave TaylorOct 25, 2025Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
