# HSBC Thai Baht Outlook: USD/THB Forecast Lifted To 32.0 For Late 2025

> 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.

- Date: 2025-10-25 · published 2025-10-25T12:00:00.000Z
- Category: macro · region Thailand · magnitude low
- Page: https://feedsoft.ai/events/22674-hsbc-thai-baht-outlook-usd-thb-forecast-lifted-to-32-0-for-late-2025
- Commodities: [Thai Baht (THB per USD)](https://feedsoft.ai/c/USDTHB.md)

## Why it matters

A slower baht recovery keeps Thai import costs higher, but the direct impact on grain, oilseed or meal prices is limited.

## Read by commodity

- USDTHB: bullish ▲

## Sources

- exchangerates.org.uk: https://www.exchangerates.org.uk/news/44378/2025-10-25-hsbc-thai-baht-outlook-usd-thb-forecast-lifted-to-32-0-for-late-2025.html

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