The Kasikorn Research Center, part of Kasikornbank, or KBANK, said the baht was trading at around 33.54 to 33.56 per dollar this morning, compared with Friday's market close of 33.57 per dollar. The baht and most Asian currencies edged higher, while the dollar remained under pressure after the latest US labor market data showed signs of weakening and prompted the market to scale back expectations that the Fed will raise interest rates at this month's FOMC meeting. Nonfarm payrolls rose by only 29,000 in August, below the market forecast of 90,000, while job figures for June and July were revised down by 60,000. The unemployment rate moved to 4.2%, against market expectations of 4.1%. However, the baht's gains during the day are likely to be limited amid fairly volatile global oil prices, following reports of clashes between Saudi Arabia and the Houthi group. For today's trading range, the baht is initially estimated at 33.45 to 33.65 per dollar. Key factors to watch include the situation in the Middle East, foreign fund flows, September services PMI data for Japan, the eurozone and the UK, as well as September services PMI and ISM data for the US.
Weak US jobs data cut Fed rate-hike expectations, pressuring the dollar and lifting the baht to 33.54/USD.
