Thai Baht Breaks 4-Year Resistance to Bt33.53 against Strong Dollars
Thai baht continued to depreciate against the greenback, breaking the 4-year resistance level in 2017.
Baht depreciation has finally broken out of the 4-year resistance for the first time with a surge of 0.31% to 33.53 baht to one dollar, a level not seen since 2017.
The Thai baht continued to depreciate as the U.S. Federal Reserve is likely to raise its policy interest rate earlier than projected in 2022 and 2023 after an anticipation of asset tapering to kickoff in October or November.
Meanwhile, questions remain for the reopening of Thai borders that could potentially be delayed until November due to the vaccination rate not up to the target for reopening. The fundamentals are still eroding from the lack of tourist spending.
