PATTAYA, Thailand – The Thai baht opened slightly weaker on Wednesday at 32.64 against the US dollar, compared with the previous close of 32.62, as investors remained cautious over uncertain ceasefire negotiations between the United States and Iran and awaited fresh US economic data.
According to Krungthai GLOBAL MARKETS unit, the baht moved within a range of 32.61–32.70 overnight, with the dollar gaining modest support after stronger-than-expected US economic figures. Among the key indicators, the US Consumer Confidence Index released by the Conference Board for May came in at 93.1 points, above market expectations of 91.9, despite easing slightly from the previous month. The stronger data helped lift the US dollar. Krungthai analysts expect the baht to trade within a range of 32.45–32.75 per dollar over the next 24 hours, warning that the currency faces “two-way risks” depending largely on developments in the Middle East, especially ongoing US-Iran ceasefire negotiations.
Market participants are also closely monitoring upcoming US economic reports, including ADP private-sector employment figures and regional Federal Reserve business activity indexes, along with speeches from Federal Reserve officials. Investors remain concerned that the US Federal Reserve could still raise interest rates once more during the first half of 2027 if inflationary pressures persist. Krungthai said the baht may continue to move sideways in the near term, with support around 32.50 per dollar and resistance near 32.75–32.85, as month-end demand for US dollars from importers and broader market uncertainty continue to influence trading sentiment. The bank also advised businesses and investors to diversify currency risk management strategies, particularly through the use of options, amid heightened market volatility linked to geopolitical tensions.
