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Bank of Thailand Governor Sethaput Suthiwartnarueput said the baht's rapid appreciation reflects a weaker US dollar after the Federal Reserve signalled rate cuts, plus rising gold prices. He said the pace of gains was close to earlier 2024 levels and in line with the ringgit and rupiah.
The central bank said it is closely monitoring the situation.
A weaker dollar tends to support commodity prices priced in USD, including feed grains and oilseeds, and it lowers import costs for Asian buyers. The effect is modest and tied to the broader Fed-driven dollar move.
nationthailand.comAug 28, 2024After 1,637 past bearish macro events, US Dollar (Broad) moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% over 20.
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.
