Forecasts for the Thai baht change all the time, affected by news events and relative sentiment towards the Thai economy.
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USD/THB – the Thai baht has lost value since the start of September against the Greenback. The USD/THB pair’s value has maintained at the over 33 level.
Thailand is experiencing a “steep upward curve” in new Covid infections of the Delta variant according to the country’s Department of Disease Control.
The Thai Baht has dropped 6% so far this year against the US dollar due to greenback returning to strength, this may eventually help with a tourism lead recovery of the Thai economy post virus.
Pre-covid the tourism industry contributed around 20 percent of Thailand's total GDP, so the dramatic impact to tourism from the coronavirus pandemic is expected to plunge Thailand into a recession.
Recent years have been extremely kind to the baht. The Thai baht was amoung the best performing currency in Asia for 2019 to early 2021, the baht rose to a 6-year high against the US dollar (near ฿30) and to a 10-year high against the Australian dollar (฿21.35), as well as to long-term highs against a host of other major currencies.
The baht has previously being supported by the Thai large current-account surplus and has benefited from speculation that Thai stocks will soon be assigned a larger weighting in the MSCI Emerging Markets index, which would result in significant amounts of foreign capital entering Thailand.
AUD/THB has been steadily rising since the beginning of September, mainly due to AUD strength on energy price hikes.
Besides the protests last year AUD/THB forecasts have been primarily focused on the coronavirus impact on and response by both economies, in particular the drastic impact to tourism for Thailand.AUD-THB Outlook
Disclaimer: Please note any provider recommendations, currency forecasts or any opinions of our authors should not be taken as a reference to buy or sell any financial product.