BANGKOK, Thailand – Kasikornbank (KBANK) expects the baht to trade within a range of 33.10–33.80 per US dollar during November 9–13, following its close at 33.55 on Friday, November 6. The baht initially weakened briefly early in the week as the US dollar strengthened amid expectations that the Federal Reserve could maintain a tighter monetary policy for the remainder of the year. The dollar also received indirect support from euro selling after Fitch revised its outlook on France’s A+ credit rating to Negative, citing economic weakness and fiscal concerns.
However, the baht later strengthened beyond 33.50 to reach a more than one-month high of 33.37 per dollar. The move was supported by rising global gold prices and net foreign purchases of Thai bonds. Other Asian currencies also gained, while global oil prices declined amid signals that the United States and Iran were open to negotiations.
The US dollar subsequently came under renewed selling pressure, moving lower in line with US bond yields after the Democratic Party won the midterm elections and secured majorities in both chambers of Congress. Markets viewed the result as potentially limiting the Trump administration’s ability to advance further tax cuts and additional spending measures.
The baht weakened again towards the end of the week amid risk-off sentiment in Asian stock markets and renewed dollar buying as investors adjusted positions ahead of the release of US non-farm payroll figures. For the coming week, key factors to watch include developments in the Middle East, foreign fund flows and statements from Federal Reserve officials.
Important US economic releases include the Consumer Price Index (CPI), Producer Price Index (PPI), October existing home sales and weekly jobless claims. Markets will also monitor China’s October economic data, including CPI, PPI and exports, together with third-quarter 2026 GDP figures for the United Kingdom and the eurozone.
