← IRPC overview

IRPC vs US Dollar/Thai Baht FX Spot Rate: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

IRPC Public Company Limited (IRPC.BK)

Q3 2026
▲2▼2

IRPC Swings to Profit on Middle East Tensions, but Diesel Caps and Downgrade Weigh

  • Middle East Tensions Lift Refining Margins Middle East tensions and the Strait of Hormuz closure pushed refining margins to $13.6–$17.12 per barrel, helping IRPC swing to a Q2 profit and prompting analysts to raise forecasts and target prices up to 3.20 baht.

    This is the main positive force behind IRPC's swing to profit and improved sentiment.

  • ADNOC Stake Interest and PTT Partner Search ADNOC's interest in taking a stake, $100 Brent crude, and PTT's search for a partner boosted investor sentiment, while IRPC was exempt from new US tariffs, adding to the positive mood.

    These events improved sentiment and potential strategic backing for IRPC.

  • Government Diesel Price Cuts Cost Billions Government diesel price cuts cost IRPC roughly 794 million baht in 2026 and 2.5 billion baht in Q3, with the cap extended to October 2027 adding a 1.87-billion-baht impact and the Oil Fund's 92.3-billion-baht deficit posing further risk.

    This is a major financial drag that directly reduces IRPC's earnings.

  • Margin Dip and Downgrade Warn of Peak Refining margins dipped 7% weekly, petrochemical recovery lagged, and Bualuang downgraded IRPC, warning margins have peaked and may fall toward $8 per barrel in 2027.

    This signals a potential downturn in profitability and negative analyst sentiment.

September 2026
▲2▼1

ADNOC stake talk and $100 oil lift IRPC, but diesel cap and downgrade weigh

  • ADNOC may buy PTT refinery stake Reports that ADNOC may buy a stake in a PTT refinery lifted IRPC, as it could bring a deep-pocketed partner and strengthen the business.

    This is a new potential ownership catalyst that directly boosted sentiment.

  • Brent hits $100 and PTT seeks partners Brent crude reaching $100 per barrel and PTT's 1-trillion-baht plan to find partners to strengthen IRPC raised hopes for better margins and support.

    High oil prices and parent backing are new positive forces for the stock.

  • Diesel price cap extended to October 2027 The government extended the diesel price cap to October 2027, costing IRPC about 1.87 billion baht, while the Oil Fund's 92.3-billion-baht deficit raises the risk of more burdens on refiners.

    This is a new regulatory cost that directly hurts IRPC's earnings.

  • Analyst split: Globlex bullish, Bualuang bearish Globlex expects high oil prices and strong margins for six months, naming IRPC a beneficiary, but Bualuang downgraded IRPC, saying refining margins have peaked and will fall toward $8 per barrel in 2027, recommending selling on rallies with a 2.80 baht target.

    This shows the key debate over whether IRPC's margin strength can last, with opposing views.

Latest
▼3▲1

Government caps refinery profits, but oil stays high; IRPC caught in between

  • Government extends diesel price cap, cutting IRPC profit Thailand's Energy Policy Committee extended a cap on diesel refinery prices to October 2027, taking about 1.87 billion baht from IRPC's profit. This is a direct hit to earnings and cash flow, and the government has done this seven times, so investors worry it could keep happening.

    This is the biggest new negative event for IRPC, directly reducing its profit and creating policy risk.

  • Oil Fund deficit raises risk of more burden on refiners Thailand's Oil Fund deficit hit 92.3 billion baht and is heading past 100 billion. If the government shifts the burden to refiners, IRPC's marketing margins and profits could suffer further. This adds uncertainty on top of the existing price cap.

    It shows a new, separate risk that could compound the negative impact on IRPC's earnings.

  • Oil prices seen staying high for six months, helping refiners Globlex says oil will stay high for at least six months, with refining margins above $10 per barrel and diesel spreads around $50. It names IRPC as a beneficiary because it has both refining and petrochemical operations. High margins mean better profits for IRPC.

    This is a new positive view that directly supports IRPC's earnings through high refining margins.

  • Broker says refining margins have peaked, downgrades IRPC Bualuang Securities says the refining margin boom is over and will fall toward $8 per barrel in 2027 as supply grows faster than demand. It recommends selling IRPC on rallies with a 2.80 baht target. This warns investors that IRPC's recent profit boost may not last.

    This is a new, direct downgrade that challenges the positive oil-price view and points to lower future profits.

▲3

ADNOC stake talks and $100 oil lift IRPC; PTT support adds tailwind

  • ADNOC in talks to buy PTT refinery stake, including IRPC Reports say Abu Dhabi's ADNOC is in talks to invest in PTT Group's refining business, possibly including IRPC. A partner could bring crude supply deals and global sales reach, unlocking value. IRPC shares rose 3.33% on the news. No official confirmation yet, so the gain could fade if talks stall.

    This is the biggest new catalyst directly naming IRPC and explaining its recent share price jump.

  • Brent crude hits $100 on Middle East tensions and China demand Brent crude rose 3.4% to $100 a barrel, the highest since May, on Middle East supply worries and recovering Chinese demand. Higher oil prices usually lift refining margins and profits for IRPC. InnovestX calls it a short-term positive for energy stocks including IRPC.

    Rising oil prices directly drive IRPC's refining margins and earnings, a core reason the stock is moving.

  • PTT's 1 trillion baht plan seeks partners to strengthen IRPC PTT unveiled a five-year, 1 trillion baht investment plan and is looking for partners to strengthen IRPC, TOP and PTTGC. Parent PTT also reported strong group refinery use and recovering petrochemical margins. This signals strategic support for IRPC, though no specific deal or money has been committed yet.

    Shows parent-company backing that can improve IRPC's competitiveness and investor confidence.

  • Middle East conflict cuts both ways for IRPC Tensions after the US attack near the Strait of Hormuz pushed oil and refining margins higher, helping IRPC. But the same conflict raises inflation fears and US bond yields, which could pull money out of stocks. So the war is a plus for energy prices but a risk for overall market sentiment.

    Gives the fair counterweight: the same conflict lifting IRPC's margins also threatens the broader market.

August 2026
▲2▼2

IRPC swings to Q2 profit, but diesel price cut and margin dip weigh

  • Q2 profit turnaround beats expectations IRPC swung to a Q2 2026 net profit of 2.92 billion baht from a loss last year, with revenue up 42% and market GIM jumping to $17.12 per barrel. This confirms the earnings recovery and supports the stock.

    This is the core new event that directly drove the stock higher this period.

  • Analysts upgrade targets after strong results InnovestX raised its 2026 profit forecast and target price to 2.30 baht, and Globlex upgraded to buy with a 3.20 baht target, citing stronger-than-expected core profit. These upgrades attract buyers and lift the share price.

    Analyst upgrades are a direct new catalyst for the stock price this period.

  • Government diesel price cut to hit Q3 profit Thailand approved another 2.40 baht per litre cut in ex-refinery diesel price for 31 days, the sixth such move. This is expected to reduce IRPC's Q3 2026 net profit by about 2.5 billion baht, a real headwind.

    This is a new regulatory action that directly pressures future earnings and the stock.

  • Refining margins dip as Middle East risk persists Singapore refining margins fell 7% week-on-week to $20.1 per barrel, and olefins spreads also declined, pressuring refinery stocks including IRPC. While oil prices stay high on Middle East tensions, weaker product spreads hurt near-term profitability.

    This is a new market development that weighs on IRPC's earnings outlook.

▲2▼2

IRPC swings to Q2 profit, but diesel price cut and margin dip weigh

  • Q2 profit turnaround beats expectations IRPC swung to a Q2 2026 net profit of 2.92 billion baht from a loss last year, with revenue up 42% and market GIM jumping to $17.12 per barrel. This confirms the earnings recovery and supports the stock.

    This is the core new event that directly drove the stock higher this period.

  • Analysts upgrade targets after strong results InnovestX raised its 2026 profit forecast and target price to 2.30 baht, and Globlex upgraded to buy with a 3.20 baht target, citing stronger-than-expected core profit. These upgrades attract buyers and lift the share price.

    Analyst upgrades are a direct new catalyst for the stock price this period.

  • Government diesel price cut to hit Q3 profit Thailand approved another 2.40 baht per litre cut in ex-refinery diesel price for 31 days, the sixth such move. This is expected to reduce IRPC's Q3 2026 net profit by about 2.5 billion baht, a real headwind.

    This is a new regulatory action that directly pressures future earnings and the stock.

  • Refining margins dip as Middle East risk persists Singapore refining margins fell 7% week-on-week to $20.1 per barrel, and olefins spreads also declined, pressuring refinery stocks including IRPC. While oil prices stay high on Middle East tensions, weaker product spreads hurt near-term profitability.

    This is a new market development that weighs on IRPC's earnings outlook.

July 2026
▲2▼1

IRPC swings to profit on Middle East supply shock, but diesel price cut and weak petrochemical recovery temper gains

  • Middle East tensions lift refining margins, driving Q2 profit turnaround Renewed Middle East tensions and the closure of the Strait of Hormuz have tightened global oil product supply, pushing IRPC's gross refining margin to $13.6 per barrel. This is expected to swing Q2 2026 net profit to 2.7 billion baht from a loss a year earlier, a big positive for the stock.

    This is the core reason IRPC is moving: a sharp profit turnaround from surging refining margins.

  • Analysts raise 2026 profit forecasts and target prices Krungsri and KGI both lifted their 2026 profit forecasts for IRPC, with KGI raising its target price to 2.20 baht and Krungsri to 2.40 baht. The upgrades reflect stronger-than-expected product spreads and a brighter earnings outlook, which supports the share price.

    Analyst upgrades directly influence investor expectations and the stock's valuation.

  • Government diesel price cut squeezes refinery margins Thailand's Energy Policy Committee cut the ex-refinery diesel price by 2.40 baht per litre from 24 July to 15 August, which is expected to reduce IRPC's 2026 profit by about 794 million baht. This is a short-term headwind for refinery stocks, though global margins remain elevated.

    This is a concrete negative event that pressures IRPC's earnings and share price.

  • Petrochemical recovery slower than peers, but US tariff exemption helps IRPC's petrochemical profit recovery is weaker than expected because it couldn't fully raise selling prices due to pre-existing contracts, and operating costs remain high. However, IRPC is exempt from the new 12.5% US tariff on Thai exports, which eases pressure on oil and refinery stocks.

    This captures the main counterweight to the positive refining story and a supportive trade factor.

▲2▼1

IRPC swings to profit on Middle East supply shock, but diesel price cut and weak petrochemical recovery temper gains

  • Middle East tensions lift refining margins, driving Q2 profit turnaround Renewed Middle East tensions and the closure of the Strait of Hormuz have tightened global oil product supply, pushing IRPC's gross refining margin to $13.6 per barrel. This is expected to swing Q2 2026 net profit to 2.7 billion baht from a loss a year earlier, a big positive for the stock.

    This is the core reason IRPC is moving: a sharp profit turnaround from surging refining margins.

  • Analysts raise 2026 profit forecasts and target prices Krungsri and KGI both lifted their 2026 profit forecasts for IRPC, with KGI raising its target price to 2.20 baht and Krungsri to 2.40 baht. The upgrades reflect stronger-than-expected product spreads and a brighter earnings outlook, which supports the share price.

    Analyst upgrades directly influence investor expectations and the stock's valuation.

  • Government diesel price cut squeezes refinery margins Thailand's Energy Policy Committee cut the ex-refinery diesel price by 2.40 baht per litre from 24 July to 15 August, which is expected to reduce IRPC's 2026 profit by about 794 million baht. This is a short-term headwind for refinery stocks, though global margins remain elevated.

    This is a concrete negative event that pressures IRPC's earnings and share price.

  • Petrochemical recovery slower than peers, but US tariff exemption helps IRPC's petrochemical profit recovery is weaker than expected because it couldn't fully raise selling prices due to pre-existing contracts, and operating costs remain high. However, IRPC is exempt from the new 12.5% US tariff on Thai exports, which eases pressure on oil and refinery stocks.

    This captures the main counterweight to the positive refining story and a supportive trade factor.

US Dollar/Thai Baht FX Spot Rate (USDTHB.FOREX)

Q3 2026
▲4

USD/THB rose on oil, tariffs, Fed hikes; Thai weakness added pressure

  • Middle East tensions and oil above $100 Middle East tensions pushed oil above $100, increasing Thailand's import costs and weighing on the baht, which helped lift USD/THB.

    This is a key new force that drove the baht weaker and USD/THB higher.

  • New US tariffs on Thai exports New US tariffs on Thai exports reduced demand for Thai goods, hurting Thailand's trade balance and adding to baht weakness.

    Tariffs are a new trade shock that pressured the baht and supported USD/THB.

  • Fed rate hikes to 4.00% and high US yields The Fed raised rates to 4.00%, making US assets more attractive and drawing capital away from Thailand, which pushed USD/THB higher.

    US monetary tightening is a major new driver of dollar strength versus the baht.

  • Thailand's weak economy and outflows Thailand's GDP grew only 1.9%, it ran a record current-account deficit, and $635 million left Thai bonds, all weakening the baht.

    These domestic weaknesses are new fundamental pressures on the baht.

September 2026
▲2▼2

Fed hikes, oil spike, Thai deficit lift USD/THB; rate-hike bets cap gains

  • Fed tightening and oil spike lift dollar The US Federal Reserve raised interest rates to 4.00%, making the dollar more attractive, while oil prices above $100 on Middle East supply fears raised Thailand's import bill, both pushing USD/THB higher.

    These are the main new forces driving the dollar up against the baht this period.

  • Thailand's weak economy and record deficit weigh on baht Thailand's economy remains weak and its current account deficit hit a record, while foreign investors sold $635 million of Thai bonds. CIMB Thai and TISCO expect the baht to weaken to 34–34.50 per dollar.

    This explains the domestic side of baht weakness and the bullish USD/THB forecasts.

  • Bank of Thailand holds rates, warns on strong baht The Bank of Thailand kept its policy rate at 1.00% and warned that a strong baht hurts exports. Holding rates steady supports the baht by keeping yield differentials from widening further, limiting USD/THB's rise.

    This is a counterweight that prevents USD/THB from rising unchecked.

  • Swap markets and JPMorgan price Thai rate hikes Swap markets and JPMorgan now expect Thailand to raise interest rates, possibly three times in 2027. Higher rates would attract foreign money into Thai assets, strengthening the baht and capping USD/THB's rise.

    This is a key new counterweight that could reverse baht weakness.

Latest
▲2▼2

Dollar strength persists on Fed, oil; baht faces outflows but rate-hike bets offer support

  • US-Iran talks stall, oil and US yields surge Negotiations over the Strait of Hormuz ended without a deal, keeping Brent above $106 and pushing US 2-year and 10-year yields to 4.93% and 5.24%. High oil worsens Thailand's trade balance and safe-haven demand lifts the dollar, so USDTHB rises.

    This is the main new force pushing USDTHB higher this period.

  • TISCO sees baht weakening to 34.50 on current account deficit TISCO raised its 2026 GDP forecast to 2.1% but still expects a current account deficit of about 3% of GDP and the policy rate held at 1% until mid-2027. A weak external balance and low Thai rates keep the baht soft, pushing USDTHB up.

    New forecast highlights structural pressure on the baht.

  • Foreign investors dump Thai bonds, but rate-hike bets build Foreigners sold $635 million of Thai bonds in September, the most in six months, as US yields soared. However, the baht swap market now prices about 42 basis points of Thai rate hikes over 12 months, up from 25, as inflation pressure raises the chance the Bank of Thailand hikes for the first time in three years. That supports the baht and limits USDTHB's rise.

    This is a key new counterweight that could strengthen the baht.

  • JPMorgan sees three Bank of Thailand rate hikes in 2027 JPMorgan expects the Bank of Thailand to raise rates three times in 2027, starting in the first quarter, pushing the policy rate from 1% to 1.75%. Higher Thai rates would attract foreign money and strengthen the baht, working against USDTHB rising.

    A new contrarian view that could support the baht.

▲3▼1

Fed hike, oil spike push baht to 33.5; BOT holds, warns on strength

  • Fed hikes to 4.00%, signals more; baht slides toward 34 The Fed raised rates 0.25% to 4.00%, its first hike in three years, and signaled more may come. Higher US rates pull money into the dollar, weakening the baht and pushing USDTHB up. CIMB Thai sees the baht at risk of 34 per dollar.

    This is the biggest new force: a US rate hike directly strengthens the dollar and lifts USDTHB.

  • Oil above $100 on Middle East supply fears lifts dollar demand Crude oil surged near $109 after Houthi forces advanced near the Bab-el-Mandeb strait and Saudi output fell to a 1990 low. Expensive oil worsens Thailand's trade balance and boosts safe-haven dollar demand, pushing USDTHB higher.

    Oil is a key new driver: it hurts Thailand's trade balance and supports the dollar, both lifting USDTHB.

  • BOT holds rate at 1.00%, warns strong baht hurts exports The Bank of Thailand kept its policy rate at 1.00% and said it won't cut further, while warning the strong baht erodes export competitiveness. Holding rates supports the baht and limits USDTHB's rise, a counterweight to dollar strength.

    This is the main counterweight: BOT's steady rate and concern over baht strength work against USDTHB rising.

  • Thai economy slow, current account deficit pressures baht Kasikorn Research kept 2026 GDP growth at 2% and expects the current account deficit to hit a record as imports outpace exports. A weak economy and external deficit weigh on the baht, keeping USDTHB biased higher.

    Thailand's weak growth and deficit are a persistent drag on the baht, supporting USDTHB.

August 2026
▲2▼2

Baht swings on oil, Fed, Thai economy; ends mixed

  • Cheaper oil and softer dollar lift baht early Early in the month, falling oil prices and a weaker US dollar—helped by lower Treasury yields and expanded buybacks—strengthened the baht, pushing USD/THB lower.

    This explains a key force that strengthened the baht and lowered the pair early in the period.

  • Bank of Thailand holds rates, curbs gold trading The Bank of Thailand refused to cut interest rates and introduced gold-trading curbs, which reduced market volatility and supported the baht, limiting USD/THB's rise.

    This policy stance was a new counterweight that helped stabilize the baht.

  • Thailand's current-account deficit and weak growth weigh on baht Thailand swung to a current-account deficit due to surging imports, while GDP grew only 1.9%, undermining the baht and keeping USD/THB elevated.

    This fundamental weakness pressured the baht and supported the pair.

  • Hot US inflation, Fed hike bets, Middle East escalation lift dollar Later in the month, hotter US inflation, expectations of Fed rate hikes, Middle East tensions, and rising Treasury yields boosted the dollar, pushing USD/THB higher.

    These late-period forces drove the dollar up and the baht down, raising the pair.

▲2▼2

Fed hike bets lift dollar; baht capped by Thai deficit, oil risk

  • Fed rate-hike bets strengthen the dollar US inflation (PCE) came in hotter than expected and Fed Chair Warsh said policy may need to tighten further, so markets now see a good chance of another US rate hike. Higher US rates pull money into the dollar, pushing USDTHB up.

    This is the main new force lifting the dollar against the baht this period.

  • Middle East escalation and surging US bond yields Trump threatened heavier strikes on Iran, and the 10-year US Treasury yield jumped above 4.80%. Investors moved money into safer dollar assets and away from emerging markets like Thailand, weakening the baht and pushing USDTHB higher.

    Geopolitical risk and rising US yields are a fresh, powerful driver of dollar strength.

  • Bank of Thailand refuses further rate cuts The BOT held its policy rate at 1% and said it will not cut further, keeping some room for emergencies. Not cutting supports the baht because Thai assets keep a bit more yield, which works against USDTHB rising.

    This is the main counterweight that stops the baht from falling further.

  • Gold-trading curbs reduce baht volatility The BOT's limits on gold trading have cut the link between gold and the baht, and it may tighten rules further. Less gold-driven speculation means fewer sharp baht swings, which slightly supports the baht and works against USDTHB rising.

    A new policy that reduces a source of baht weakness, a fair counterweight to the dollar-positive drivers.

▼2▲1

Baht firms as oil eases, dollar softens; deficit still a drag

  • Oil slump and Hormuz reopening hopes lift the baht Brent crude fell below $80 for the first time in three weeks as the US and Iran moved toward reopening the Strait of Hormuz. Cheaper oil improves Thailand's trade balance and cuts safe-haven demand for the dollar, so the baht strengthens and USDTHB falls.

    This is the main new force pushing the baht stronger this period.

  • US dollar weakens as Treasury yields fall and buybacks grow The dollar index dropped to 98.76 after the US Treasury said it would more than double its bond buybacks, pulling 10-year yields below 4.70%. Lower US yields make dollar assets less attractive, so capital flows toward the baht and USDTHB falls.

    Shows the US side of the pair weakening, a key new driver.

  • Thailand's current account swings to deficit on import surge Q2 GDP grew only 1.9% while imports jumped 24%, turning Thailand's current account from surplus to deficit. Overspending and weak growth weigh on the baht and may stop the central bank from cutting rates, keeping USDTHB biased higher over time.

    A structural counterweight that keeps medium-term pressure on the baht.

  • Asian central banks shift to attracting capital, not burning reserves Thailand's reserves have fallen 4-9% since the Iran conflict, and Asian central banks now prefer attracting foreign capital over selling reserves. If Thailand draws inflows or hikes rates, the baht could strengthen; without inflows, the baht stays vulnerable, so the effect on USDTHB is two-sided.

    Explains a new policy backdrop that could cut either way for the baht.

July 2026
▲2▼1

Baht hits one-year low on oil, tariffs, Fed; inflows and rate cuts slow slide

  • Oil shock and US tariffs lift USD/THB Middle East tensions pushed Brent above $100, while new US tariffs on 60 partners hurt Thailand's exports. These forces boosted the dollar and pressured the baht to a one-year low.

    Explains the main new forces driving USD/THB higher in July.

  • Fed rate-hike expectations and high US yields support dollar Expectations that the Federal Reserve will raise interest rates kept US yields high, attracting capital to the dollar and adding to baht weakness.

    Highlights a key monetary driver behind the dollar's strength.

  • Thai bond inflows and low rates counter baht weakness Foreign money flowing into Thai bonds and the Bank of Thailand's low interest rates helped slow the baht's fall, acting as a counterweight to the dollar's rise.

    Shows the main opposing force that limited USD/THB gains.

  • Oil swings and weak Thai economy keep USD/THB elevated A brief US pause on Iran strikes cut oil to $92 and strengthened the baht to 33.57, but renewed strikes revived dollar demand. Thailand's slowing economy, fewer tourists, and a $17.7 billion current account deficit kept USD/THB high.

    Captures the tug-of-war and underlying Thai weakness that left USD/THB elevated.

▲3▼1

Baht swings on Middle East war news and Fed rate hold

  • US halts Iran strikes, oil falls, baht strengthens The US temporarily stopped attacking Iran, easing war fears. Oil dropped 4.7% to $92, and the dollar weakened. The baht strengthened to 33.57 per dollar. Less war risk means less safe-haven demand for the dollar, pushing USDTHB down.

    This is a new geopolitical development that directly weakened the dollar and strengthened the baht.

  • Fed holds rates but long-term US yields stay high The Fed kept rates at 3.50-3.75% but gave no clear signal on future hikes. Long-term US bond yields remain high (10-year at 4.68%), attracting capital to the dollar. This supports USDTHB by pulling money out of Thailand.

    The Fed decision and high US yields are a key monetary force keeping the dollar strong against the baht.

  • New US strikes on Iran revive safe-haven dollar demand After the brief pause, the US launched new strikes on Iran, bringing back war fears. The dollar strengthened as investors sought safety, and the baht weakened to 33.62 per dollar. This pushes USDTHB up.

    This new escalation reverses the earlier calm and is a direct driver of dollar strength and baht weakness.

  • Thai economy slows, current account deficit widens The Bank of Thailand said the economy slowed in Q2 due to the war, with fewer tourists and a current account deficit of $17.7 billion. A weaker economy and deficit weigh on the baht, supporting USDTHB.

    This new data shows fundamental weakness in Thailand that pressures the baht and supports a higher USDTHB rate.

▲3▼1

Baht at one-year low as oil, tariffs, and Fed bets lift dollar

  • Middle East oil shock pressures baht Houthi attacks and Trump's threat of a major strike on Iran pushed Brent crude above $100. Higher oil prices worsen Thailand's trade balance and lift safe-haven demand for the US dollar, weakening the baht and pushing USDTHB higher.

    This is the main new geopolitical force driving the baht to a one-year low.

  • New US tariffs on 60 trading partners The US plans 10–12.5% import tariffs on 60 major partners, raising trade-war fears. This supports the dollar as a safe haven and threatens Thai exports, both of which weaken the baht and push USDTHB up.

    A new policy threat that adds to dollar strength and baht weakness.

  • Fed rate hike expectations and higher US yields War-driven inflation worries and rising US 10-year yields (4.70%) keep the Fed expected to hold or hike rates. Higher US yields attract capital to the dollar, pulling money out of Thailand and weakening the baht.

    This monetary force is a key reason the dollar stays strong against the baht.

  • Thai bond inflows and low-rate BOT cap baht weakness Foreign buying of Thai bonds (auctions oversubscribed) and expectations the Bank of Thailand will keep rates low and cut later support the baht by attracting capital. This is a real counterweight that could slow USDTHB's rise.

    It is the main opposing force that could limit further baht depreciation.

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