KBank: Baht to hit 34 in Q1 | Bangkok Post: business

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KBank: Baht to hit 34 in Q1

  • Published: | Viewed: 4,435 | Comments: 5
  • Newspaper section: Business
  • Writer: Somruedi Banchongduang & Pathom Sangwongwanich
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The baht is heading for further consolidation, with 34 baht to the dollar expected by the first quarter of 2014 with the US economy picking up and the Federal Reserve's planned tapering. 

If the baht hits 34 to the dollar, it would mark a four-year, three-month low, said Kasikornbank's head of capital markets Thiti Tantikulanan. The bank also forecast the local currency will weaken throughout 2014 gradually, weighed down by several uncertainties in both local and overseas markets.

The US central bank plans to start winding down its US$85 billion monthly asset purchase scheme amid a nascent economic recovery, and the pace of the reduction could become more aggressive if the world's largest economy shows stronger signs of a rebound, he said, which should strengthen the dollar.

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