Kasikornbank Forecasts Baht Range of 33.30-33.80 per Dollar for Week of October 26-30

Key summary

Kasikorn Bank (KBANK) forecasts the Thai baht will trade between 33.30 and 33.80 baht per US dollar for the week of October 26-30, following a close of 33.72 baht/dollar on Thursday, October 22. The bank notes that the baht weakened early in the week after failing to strengthen above the 33.40 level, alongside depreciation of the yen and other Asian currencies amid Middle East tensions raising global oil prices. Additionally, the baht declined following selling pressure in the global gold market, with Brent crude futures for December delivery nearing a five-month high near $112 per barrel and spot gold falling below $4,100 per ounce. The US dollar is supported by expectations of tighter US monetary policy; while markets expect the Federal Reserve to hold rates at its October 27-28 FOMC meeting, there are assessments of a rate hike possibility in December. Key upcoming factors include Thailand's Monetary Policy Council (MPC) meeting on October 28, September export figures and economic reports, and central bank policy meetings for the Fed (October 27-28), ECB (October 29), and BOJ (October 29-30). Important US data includes durable goods orders, new home sales, September PCE/Core PCE inflation, October consumer confidence, Q3 2026 GDP advance estimates, and weekly jobless claims. Markets also await Middle East developments, China's September industrial profits, and Eurozone Q3 2026 GDP figures.