Thai Baht Surges Nearly 1%, Recording Its Sharpest Gain Since June
Deep News
Sep 03
The Thai baht climbed close to 1%, trading at 32.985 per US dollar, marking its biggest single-day jump since June 12. This move made the baht the standout performer among Asian currencies on Thursday.
Lloyd Chan, a currency analyst at MUFG Bank, commented on the unexpected appreciation, stating, "Today's baht strength has caught us off guard, especially given that it runs counter to the broader market trends of rising US Treasury yields and higher oil prices."
Chan further elaborated, "Oil prices are the primary driver for the baht, exerting a greater influence than gold. Additionally, the Bank of Thailand has been actively working to mitigate the impact of gold price fluctuations on the baht."
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