Thai Baht Depreciates Due to Weakening Yuan and Chinese Economic Figures: Money Manager from Bank of Ayudhya

A money manager from Bank of Ayudhya revealed that the baht opened this morning’s market at 34.10 baht / dollar, depreciating from yesterday’s close at 33.72 baht / dollar.

Recently, the baht weakened to 34.16 baht / dollar after the US dollar appreciated. from strong retail sales. In addition, the baht depreciated in line with the yuan. The depreciation was due to several Chinese economic figures that did not come out very well, especially private investment figures. This caused regional currencies to depreciate in the same direction as the yuan.

“The yuan is the weakest since the end of 2022. China’s economic data is not good. The yuan depreciated. Many currencies in the region also weakened accordingly. It may be another factor that causes today’s baht to weaken further, “the money manager stated.

Today, the political situation in the country still needs to be monitored. Especially the issue of polarizing government establishment, including foreign flows, while domestic factors must monitor the plan to increase the US debt ceiling.

Money managers expect the baht to move today within a range of 34.00 – 34.25 baht/dollar.

THAI BAHT FIX 3M (May 16) was at 1.82079%, while THAI BAHT FIX 6M was at 1.97297%.

The latest SPOT is at 34.16750 baht / dollar.

• important factor

• The yen was at 136.43 yen/dollar from 136.01 yen/dollar yesterday evening.
• The euro was at $1.0868/euro from $1.0877/euro yesterday evening.
• Thai baht/dollar exchange rate The BOT’s interbank weighted average was at 33.896 baht/dollar.
• Go far, make an appointment with 5 parties to discuss the form of government today ‘Settha-Sita-Sathit’ led to wake up MPs from all poles voted for ‘Pitha’ as prime minister, moving far

lobbied for the Senate ‘Seri senators’ stand in the way ‘Big Tu’ accepted The sound is too small to go on

• FTI prepares to prepare a white paper submit new government pointing to a leap in minimum wage drag the competition Take the risk of increasing the price of the product

The cost of living is rising and it affects direct investment from abroad. It is recommended to adhere to wages according to labor skills. Before going up, it should go through a decision from the tripartite.

Ready to install the government, insisting that it has to be fast, fearing that it will affect the delayed budget for the year 2017-2015, worsening the economy Supporting the liberalization of the electricity industry, continuing with BCG-

EEC

• Finance Minister said that the economic signal is now beginning to recover continuously due to many factors. both the trend of entering the country

of foreign tourists causing the airport to be full of tourists. The Treasury expects that the number of tourists this year will reach 29 million.

The National Economic and Social Development Board (NESDB) estimates that 28 million people hope to generate income of 1.27 trillion baht from

It is a positive factor in generating income into the country.

• TAT prepares to propose a plan to create tourism stability for the new government Solve visa problems, increase quality foreign tourists –

Preparing to summarize the remaining balance from the We Travel Together Phase 5 project, returning to the treasury

• Japanese government Revealing gross domestic product (GDP) in the first quarter of 2023 grew 1.6% year-on-year, which

It was the first expansion in three quarters.

• The US Commerce Department said Retail sales rose 0.4% in April, but were below analysts’ expectations.

0.8% after falling 0.7% in March.

• The U.S. dollar strengthened against major currencies in trading at the New York Stock Exchange on Tuesday (May 16).

c) responding to statements by Federal Reserve officials encouraging the Fed to continue raising interest rates to curb inflation.

• New York gold futures closed Tuesday (May 16), with the market pressured by a strong dollar and

Comments from Federal Reserve officials (Fed) signaling support for the Fed to continue raising interest rates to curb inflation.

• Atlanta Fed President The Fed is not expected to cut interest rates this year. because inflation tends to adjust in

High level longer than market expected

• The New York Fed president said the Fed could raise interest rates further if inflation did not fall. and still invisible

The reason for the interest rate cut this year

• The president of the Cleveland Fed branch signaled that Encourage the Fed to raise interest rates to further curb inflation.
• Investors are keeping an eye on the outcome of talks between President Joe Biden and House Speaker Kevin McCarthy.

including leaders in Congress Both sides discussed for the second round about increasing the US debt ceiling.

• Today’s key US economic data includes numbers starting to build houses in April. and weekly oil stock from the office

US Energy Information Administration (EIA)