SCB expects baht in 32.70-32.95 range after MPC holds rate

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SCB Financial Markets assesses that the baht will move within a range of 32.70-32.95 baht per dollar today. The baht held steady after the MPC voted to keep the interest rate at 1.00%, but weakened overnight in line with the stronger US dollar index, following the core PCE inflation figures coming in at 0.2% month-on-month and 3.3% year-on-year, as expected by the market. Meanwhile, durable goods orders for July increased by 1.1%. Crude oil prices fell after reports that Iran and Oman reached a revenue-sharing agreement regarding the Strait of Hormuz, and the House of Representatives approved the 400 billion baht emergency loan decree with a vote of 285 to 141, to address the energy crisis and restructure the country.

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