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Thai baht strength seen slowing as rate-cut outlook cools

OCBC says USD/THB ended near 32.94, with US yields, weaker gold, and elevated oil prices acting as drags on the baht.

Reported · Written up by our desk · Major Pairs

OCBC’s Christopher Wong said recent Thai baht strength may lose momentum as external conditions become less supportive, potentially slowing the pace of gains in the currency.

The notes point to comments from Thailand’s central bank governor, suggesting further rate cuts are unlikely without another shock, which could temper expectations for additional easing.

Still, the analysis flags several headwinds for THB, including higher US yields, weaker gold, elevated oil prices, and renewed US to Iran tensions.

Technically, the newsletter cited USD/THB last trading near 32.94 and said mild bullish daily momentum appears to be fading, with RSI having fallen.

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