Kasikorn Research Center forecasts the Thai baht will trade between THB33.30 and THB33.80 against the US dollar during the week of October 26 to 30, according to Pattaya Mail.The currency slid to THB33.73 per dollar on October 22, its weakest point in three months.
Investors are assessing next week's rate decisions from four central banks alongside new economic data and movements of foreign capital. The US Federal Reserve holds its meeting over October 27 and 28, while the Bank of Thailand's Monetary Policy Committee gathers on October 28. The European Central Bank follows on October 29, with the Bank of Japan meeting across October 29 and 30.
The baht ended October 22 at 33.72 to the dollar, compared with 33.50 a week before. During trading from October 19 to 22, the currency was pressured by a stronger dollar, selling of gold in global markets, and rising world oil prices fuelled by concerns over the Middle East. Although the Fed is widely expected to leave rates on hold at the October meeting, traders are pricing in a possible increase in December.
Foreign investors still bought into Thai assets over the period. They made net purchases of THB3.014bn ($89.5mn) in Thai equities and put a net THB9.804bn into the local bond market.
The Stock Exchange of Thailand kept falling. Early in the week, sellers worried that pricier oil could push up inflation and shape rate decisions. Electronics shares tracked overseas technology markets lower. Foreign buying of banking and tourism stocks helped the market recoup some ground midweek, but the rebound was capped before the long weekend.
The SET Index ended October 22 at 1,562.67 points, a weekly drop of 0.66%. Average daily turnover fell 0.11% to THB64.95bn. The Market for Alternative Investment index closed 0.46% lower at 219.71 points.
Kasikorn Securities expects the SET Index to face resistance at 1,590 and 1,605 points next week, while support is seen at 1,555 and 1,540 points.
At home, investors will watch Thailand's monthly economic and financial report and its September export figures. In the US, the week's data include weekly jobless claims, third-quarter GDP, new home sales, durable goods orders and September personal consumption expenditures inflation. Elsewhere, the calendar features eurozone GDP for the third quarter, China's industrial profits for September, and quarterly results from companies listed in Thailand.