The Thailand baht appreciated 0.22% to around 35.9 against the US dollar on Thursday, as the greenback weakened further after disappointing US economic data and a less hawkish outlook on interest rates from Federal Reserve policymakers. Meantime, Bangkok last week revised higher its GDP growth forecast to 3.2% from the 2.7-3.2% rise projected in August, amid resilient private consumption and an upturn in the tourism sector, as activity returned to normal following steady improvement in the COVID situation. In the three months to September, the economy expanded 4.5% yoy, the most in five quarters, and picking up from a 2.5% growth in Q2, supported by a recovery in the labor market; while growing by 1.2% on a quarterly basis, the fourth straight quarter of increase. On recent data, Thailand's foreign exchange reserves rose in October after touching their lowest since September 2017; while consumer confidence in the month notched a ten-month high, rising for the fifth month in a row.
Historically, the Thai Baht reached an all time high of 56.50 in January of 1998. Thai Baht - data, forecasts, historical chart - was last updated on November of 2022.
The Thai Baht is expected to trade at 36.29 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 37.70 in 12 months time.