Baht on the Brink: SCB Financial Markets Predicts Tight Range of 32.85-33.05 Baht/Dollar for Today
- Siam Commercial Bank Financial Market Group (SCB Financial Markets) evaluates the baht's movement today (24 September 2024), expecting it to range between 32.85-33.05 baht/dollar.
- The US Dollar Index and US Treasury yields have moved sideways following the release of US manufacturing PMI numbers, which came in worse than expected.
- Meanwhile, the euro has weakened due to the composite PMI number coming in at 48.9, worse than expected and marking the first contraction since March.
SCB Financial Markets: Baht Expected to Move in Range of 32.85-33.05 Baht/Dollar Today
Siam Commercial Bank Financial Market Group (SCB Financial Markets) evaluates the baht’s movement today (24 September 2024), expecting it to range between 32.85-33.05 baht/dollar.
The US Dollar Index and US Treasury yields have moved sideways following the release of US manufacturing PMI numbers, which came in worse than expected. However, the service sector showed a slight improvement over expectations.
Meanwhile, the euro has weakened due to the composite PMI number coming in at 48.9, worse than expected and marking the first contraction since March. This decline is primarily attributed to the manufacturing sector in Germany.
Notably, Neil Kashkari, President of the Federal Reserve Bank of Minneapolis, has stated that he would support a 0.25% interest rate cut at the next two meetings.