Baht posts biggest gain in a week

Currency improves 0.8% despite near-term political uncertainty

The baht and the South Korean won led gains among Asian currencies in an overall positive session on Tuesday as the dollar lost ground after US Federal Reserve officials signalled their rate-tightening cycle was nearing its end.

The baht rose 0.8% in its biggest intraday jump in a week. After trading below 35 to the dollar for several days, it was quoted at around 34.80 in offshore markets on Tuesday. 

“There is a possibility the (baht-dollar) pair can move further downwards in the near term but that would be subject to a stable (Thai) political outcome and favourable US CPI reading,” Maybank analysts said…