Market Update from SCBFM: 13 September 2024

• Baht Value Estimate: Siam Commercial Bank Financial Market Group estimates the value of the baht today, moving in the range of 33.20-33.45 baht/dollar.
• Baht Strengthening: The baht is strengthening following the strengthening of the euro against the US dollar, and gold prices rose higher after the US PPI number came out at 0.2% MOM, higher than market expectations, but later declined.
• European Central Bank (ECB) Interest Rate Cut: The ECB cut interest rates (deposit facility rate) by 25 bps down to 3.50% but did not clearly indicate the next rate cut, causing European bond yields to rise and the euro to strengthen.
• US Unemployment Benefits: The number of people applying for unemployment benefits in the United States increased to 230,000, which is higher than expected.

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