Weak Baht May Fall to 2023 Low as Central Bank Decision Looms [BNN Bloomberg (Canada)]
OVERSEAS CHINSE UNSP/ADR (OVCHY)
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Source: BNN Bloomberg
The currency has already dropped almost 7% since the start of January, making it one of Asia's worst performers, and putting it less than 1.4% away from October's low of 37.237 per dollar. Some analysts see that level being tested if the Bank of Thailand trims its benchmark on Wednesday. While economists are predicting policymakers will stay on hold this week, traders are on guard for any dovish comments after two central bank members voted for a reduction at the previous meeting in February. The government is clearly hoping for that outcome after Prime Minister Srettha Thavisin called for an emergency rate cut in February. The Bank of Thailand's benchmark is at 2.5%, a discount of 3 percentage points to the upper bound of the Federal Reserve's key rate of 5.5%. “Headwinds from fiscal uncertainty and negative carry may continue to weigh on the baht in the near term,” said Moh Siong Sim, a foreign-exchange strategist at Bank of Singapore Ltd. “The latest economic activity data,
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