The Thai currency hit a three-month low against the US dollar yesterday, February 14, slipping below 36 to the dollar. This was attributed to higher-than-anticipated US inflation, which led the market to predict a delay in the Federal Reserve’s first interest rate cut, initially expected in May.
Quoting Kasikorn Research Centre, the baht was valued at a low of 36.13 against the dollar before rising slightly from 36.07 to 36.09 baht. This is compared to Tuesday’s closing rate of 35.7 baht, said Kanjana Chockpisansin, head of research at the think tank.
“The baht is moving in line with other Asian currencies, as the world gold price also fell below US$2000 per ounce.”
The US dollar and bond yield experienced a sharp increase following the rise of the US consumer price index (CPI) by 3.1% year-on-year in January, beating the 2.9% market prediction….
