← Thai Union Group PCL overview

Thai Union Group PCL vs US Dollar/Thai Baht FX Spot Rate: why the prices moved differently

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

Thai Union Group PCL (TU.BK)

Q3 2026
▲2▼2

Thai Union Q3: Upgrades, Tariff Wins, But Debt and Tuna Costs Loom

  • Broker upgrades on strong earnings and undervaluation Brokers upgraded Thai Union, setting targets of 13.90–16 baht, citing 18% earnings growth, an undervalued core business, and 2027 as a profit turning point. This boosted investor confidence and likely supported the share price.

    Broker upgrades directly influence market sentiment and demand for the stock.

  • UK eliminates tariffs on Thai tuna The UK removed its 24% tariff on Thai tuna, making Thai Union's exports cheaper and more competitive. This is a significant win for its UK business and supports future revenue growth.

    Tariff elimination directly improves export competitiveness and profitability.

  • Credit outlook cut to negative on slow deleveraging Tris cut Thai Union's credit outlook to negative because debt remains above 5x EBITDA and deleveraging is slow. This raises borrowing costs and financial risk, weighing on the stock.

    A negative credit outlook increases financial risk and can deter investors.

  • Tuna price surge squeezes margins Tuna prices jumped 34–42%, which is expected to squeeze Q4 margins by about 0.5%. Higher input costs pressure profitability, especially if they cannot be fully passed on to customers.

    Rising raw material costs directly threaten profit margins.

August 2026
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TU: strong Q3 profit and dividends offset by negative credit outlook and tuna cost spike

  • Q3 profit growth and high dividend yield Analysts expect TU's Q3 2026 normal profit to rise 13-17% from a year earlier, with a dividend yield of 5.7-7%. Five brokers recommend buying with targets of 13.90-16 baht. Higher profit and dividends make the stock more attractive, supporting the price.

    This is the main new positive driver for TU's price this period.

  • Tris cuts credit outlook to negative Tris kept TU's A+ rating but changed the outlook to negative, saying debt will fall more slowly than expected and stay above 5 times EBITDA for 2-3 years. TU is also issuing 12 billion baht of bonds. A negative outlook raises borrowing concerns and can weigh on the share price.

    This is a new risk that can pressure TU's valuation and financing costs.

  • Tuna prices surge, squeezing margins Tuna prices jumped 34-42% from a year earlier in August-September, raising raw material costs. Analysts expect this to cut Q4 gross margin by about 0.5%. Higher costs reduce profit unless TU can pass them on, which pressures the stock.

    This is a new cost headwind that directly affects TU's profitability.

  • Weak baht and new growth initiatives The baht at 33.68 per dollar helps TU because most sales are exports. TU also launched a new tuna-based health ingredient line and appointed senior executives to drive its 2030 strategy. These support future revenue and profit, helping the share price.

    These are new positive factors supporting TU's earnings outlook.

Latest
▲2▼2

TU: strong Q3 profit and dividends offset by negative credit outlook and tuna cost spike

  • Q3 profit growth and high dividend yield Analysts expect TU's Q3 2026 normal profit to rise 13-17% from a year earlier, with a dividend yield of 5.7-7%. Five brokers recommend buying with targets of 13.90-16 baht. Higher profit and dividends make the stock more attractive, supporting the price.

    This is the main new positive driver for TU's price this period.

  • Tris cuts credit outlook to negative Tris kept TU's A+ rating but changed the outlook to negative, saying debt will fall more slowly than expected and stay above 5 times EBITDA for 2-3 years. TU is also issuing 12 billion baht of bonds. A negative outlook raises borrowing concerns and can weigh on the share price.

    This is a new risk that can pressure TU's valuation and financing costs.

  • Tuna prices surge, squeezing margins Tuna prices jumped 34-42% from a year earlier in August-September, raising raw material costs. Analysts expect this to cut Q4 gross margin by about 0.5%. Higher costs reduce profit unless TU can pass them on, which pressures the stock.

    This is a new cost headwind that directly affects TU's profitability.

  • Weak baht and new growth initiatives The baht at 33.68 per dollar helps TU because most sales are exports. TU also launched a new tuna-based health ingredient line and appointed senior executives to drive its 2030 strategy. These support future revenue and profit, helping the share price.

    These are new positive factors supporting TU's earnings outlook.

September 2026
▲4

Thai Union upgraded on UK tariff cut, weak baht, raised guidance

  • KKPS upgrades TU to Buy with 16 baht target KKPS raised Thai Union to Buy with a 16 baht target, citing an undervalued core business and 18% earnings growth. This upgrade signals analyst confidence and can attract buyers, supporting the stock price.

    It is a new analyst upgrade that directly influences investor sentiment and demand for the stock.

  • UK cuts Thai tuna import tariffs from 24% to 0% The UK eliminated tariffs on Thai tuna imports, reducing costs for Thai Union's exports. This improves competitiveness and margins in a key market, directly boosting profitability and supporting the stock.

    It is a new regulatory change that lowers trade barriers and benefits Thai Union's export business.

  • Weak baht and raised revenue guidance boost outlook The baht weakened to 33.38-33.40 per USD, helping Thai Union's export competitiveness since 88-89% of revenue comes from exports. The company raised its 2026 revenue growth target from 3-5% to 4-6%, and August exports jumped 24.3%.

    It highlights a new positive currency tailwind and an upward revision to revenue guidance, both key drivers for future earnings.

  • Bualuang sees 2027 as profit turning point Bualuang raised its 2030 profit forecast by 30% to 7.9 billion baht, viewing 2027 as a turning point. This long-term optimism can attract investors looking for growth, though broker targets vary (15.4-16 baht), indicating some valuation uncertainty.

    It provides a new bullish long-term earnings projection that supports the investment case, while noting target dispersion as a counterweight.

▲4

TU raises growth target as weak baht and UK tariff cut lift exports

  • TU raises 2026 revenue growth target to 4-6% Thai Union lifted its full-year revenue growth target from 3-5% to 4-6%, saying orders are strong and it will keep investing in the US, China, India and shrimp feed in Ecuador. A higher growth target tells investors the company expects to sell more, which supports the share price.

    This is a new company-specific event that directly raises earnings expectations for TU.

  • TU says weak baht and strong orders drive H2 growth TU's CEO said the weaker baht helps because 88-89% of revenue comes from exports, and the order picture has improved. The company kept its 4-6% growth target. A weaker baht makes TU's products cheaper abroad and boosts the baht value of its foreign sales, lifting profit.

    This is a fresh management statement confirming the weak-baht benefit and strong demand, key price drivers.

  • August exports jump 24.3%, TU named a standout Thailand's exports grew 24.3% in August, with canned and processed seafood up 4.8% and pet food up 17.5%. Broker Phillip Securities listed TU among 17 stocks set to benefit. Strong export data signals healthy demand for TU's products, supporting sales and profit.

    New export data and a broker pick give fresh evidence of demand for TU's products.

  • Brokers keep buying TU on peak season and UK tariff cut Pie Securities and Pi Securities both recommend buying TU with a 15.4 baht target, citing the peak export season, a weaker baht, and Britain cutting its tuna import tax to 0% from 24%. Repeated broker support draws investor attention and can push the price up.

    This is a new period recommendation that reinforces the positive case and may attract buyers.

▲4

TU upgraded as weak baht and UK tariff cut boost export outlook

  • KKPS upgrades TU to Buy, target 16 baht KKPS raised TU from Hold to Buy and lifted its target price from 13.30 to 16.00 baht, saying the core business excluding ITC is undervalued and will drive 18% average annual earnings growth. This directly boosts investor confidence and the share price.

    A major broker upgrade with a higher target price is a strong new catalyst for TU's share price.

  • UK cuts Thai tuna import tariff to 0% Britain cut import tariffs on Thai tuna to 0% from 24%, which should support TU's revenue in the second half. Lower tariffs make TU's tuna cheaper in the UK, likely increasing sales and profit.

    This is a new regulatory change that directly benefits TU's export business and pricing power.

  • Weak baht boosts export earnings The baht weakened to 33.38-33.40 per dollar after the Fed raised rates, making Thai exports cheaper and boosting TU's revenue. Analysts recommend buying TU with a 16 baht target on higher sales growth and margin expansion.

    Currency weakness is a key macro driver that directly lifts TU's export competitiveness and earnings.

  • Bualuang sees 2027 as profit turning point Bualuang Securities said TU is entering a new profit cycle, with 2027 as the turning point, and raised its 2030 profit forecast by 30% to 7.9 billion baht. This supports a higher long-term valuation for the stock.

    A new analyst view on a profit turning point gives investors a reason to expect sustained earnings growth.

July 2026
▲3▼1

TU's record margin and dividend shine despite US tariff drag

  • Record Q2 gross margin and higher dividend Thai Union reported a record gross profit margin of 21.4% in Q2 2026, beating its own target, and declared an interim dividend of 0.40 baht per share, up 14.3% from last year. Sales grew for a fourth straight quarter. This shows the company is more profitable and returning more cash to shareholders, which supports the stock price.

    This is the core positive fundamental news that directly boosts investor confidence and the stock's value.

  • Q2 core profit beats expectations, brokers to raise targets TU's Q2 2026 core profit rose 9.3% from the previous quarter and 8.2% from a year earlier, beating market expectations by 5-10%. Brokers like Yuanta are reviewing upward revisions to profit estimates and target price, expecting a new target around 16 baht and upgrading the recommendation to Buy. This positive surprise and analyst upgrades typically attract buyers and push the price up.

    It confirms the earnings beat and signals potential analyst upgrades, which are key near-term price catalysts.

  • US imposes 12-12.5% tariff on Thai imports The US announced tariffs of 10-12.5% on imports from Thailand under Section 301, citing forced labor concerns. This directly raises costs for TU's exports to the US, especially pet food and processed food, and could reduce competitiveness versus ASEAN peers. The tariff is a headwind that pressures export revenue and margins, weighing on the stock.

    This is a major new negative factor that directly affects TU's export business and profitability.

  • Japan cuts food tax, boosting tuna demand Japan approved cutting its consumption tax on food and drinks from 8% to 1% for two years starting April 2027. This is expected to stimulate consumer spending, benefiting Thai food exporters like TU that sell tuna products in Japan. Higher demand from a key market supports future revenue and is positive for the stock.

    It opens a new demand driver from a major export market, adding to TU's growth outlook.

▲3▼1

TU's record margin and dividend shine despite US tariff drag

  • Record Q2 gross margin and higher dividend Thai Union reported a record gross profit margin of 21.4% in Q2 2026, beating its own target, and declared an interim dividend of 0.40 baht per share, up 14.3% from last year. Sales grew for a fourth straight quarter. This shows the company is more profitable and returning more cash to shareholders, which supports the stock price.

    This is the core positive fundamental news that directly boosts investor confidence and the stock's value.

  • Q2 core profit beats expectations, brokers to raise targets TU's Q2 2026 core profit rose 9.3% from the previous quarter and 8.2% from a year earlier, beating market expectations by 5-10%. Brokers like Yuanta are reviewing upward revisions to profit estimates and target price, expecting a new target around 16 baht and upgrading the recommendation to Buy. This positive surprise and analyst upgrades typically attract buyers and push the price up.

    It confirms the earnings beat and signals potential analyst upgrades, which are key near-term price catalysts.

  • US imposes 12-12.5% tariff on Thai imports The US announced tariffs of 10-12.5% on imports from Thailand under Section 301, citing forced labor concerns. This directly raises costs for TU's exports to the US, especially pet food and processed food, and could reduce competitiveness versus ASEAN peers. The tariff is a headwind that pressures export revenue and margins, weighing on the stock.

    This is a major new negative factor that directly affects TU's export business and profitability.

  • Japan cuts food tax, boosting tuna demand Japan approved cutting its consumption tax on food and drinks from 8% to 1% for two years starting April 2027. This is expected to stimulate consumer spending, benefiting Thai food exporters like TU that sell tuna products in Japan. Higher demand from a key market supports future revenue and is positive for the stock.

    It opens a new demand driver from a major export market, adding to TU's growth outlook.

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

Q3 2026
▲3▼1

Baht weakened on oil, tariffs, Fed; policy steps limited fall

  • Middle East oil spike Middle East tensions pushed oil above $100, raising Thailand's import costs and weakening the baht as the dollar strengthened.

    Oil spike was a major new force driving USD/THB higher.

  • US tariffs and hawkish Fed New US tariffs hurt Thai exports, while a hawkish Fed lifted US yields to 24-year highs, pulling capital into the dollar.

    US trade and monetary policy were key new drivers of baht weakness.

  • Thailand's weak economy Thailand's economy grew only 1.9%, tourists were fewer, and the current-account deficit hit a record, pressuring the baht.

    Domestic economic weakness added fundamental pressure on the baht.

  • Policy counterweights Bank of Thailand rate holds, gold-trading curbs, tighter FX rules, and foreign bond inflows supported the baht, limiting its fall.

    These measures acted as a counterweight, preventing a sharper baht decline.

September 2026
▲3▼1

Hawkish Fed, high oil, weak Thai economy lift USD/THB

  • Hawkish Fed and record US yields boost dollar The Federal Reserve raised interest rates to 4.00% and signaled more hikes, pushing US bond yields to 24-year highs. This made the dollar more attractive, driving USD/THB higher.

    This is a key new force that strengthened the dollar against the baht.

  • Oil above $100 on Middle East tensions supports dollar Oil prices rose above $100 due to Middle East tensions, increasing demand for the dollar as a safe haven and raising Thailand's import costs, which weakened the baht and pushed USD/THB up.

    This is a new geopolitical and commodity factor that lifted USD/THB.

  • Thailand's weak economy and record current account deficit weigh on baht Thailand's economy remained weak with a record current account deficit, undermining the baht. CIMB Thai warned the baht could weaken to 34 per dollar, keeping USD/THB elevated.

    This is a new domestic factor that contributed to baht weakness.

  • BOT holds rates and tightens FX rules, limiting USD/THB rise The Bank of Thailand held rates at 1.00%, warned baht strength hurts exports, and tightened FX rules on large inbound transfers. Markets priced in Thai rate hikes, and foreigners sold $635 million of Thai bonds, capping USD/THB's rise.

    This is a key counterweight that prevented USD/THB from rising further.

Latest
▲2▼2

Dollar stays strong on Fed, oil; baht pressured but rate-hike bets and outflows counter

  • US bond yields hit 24-year highs, Fed may hike again US 10-year and 30-year yields jumped to 5.35% and 5.72%, the highest in 24 years, as Fed minutes showed most officials want another rate hike before year-end. High US rates pull money into the dollar, weakening the baht and pushing USDTHB up.

    This is the main force keeping the dollar strong and USDTHB elevated.

  • Middle East tension keeps oil above $100, hurting Thailand Oil held above $100–106 as US-Iran talks stalled and clashes continued. Expensive energy imports worsen Thailand's trade deficit and inflation, weighing on the baht. This keeps USDTHB biased higher.

    Oil-driven trade deficit is a persistent drag 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 in 12 months, up from 25, as inflation pressures grow. This supports the baht and limits USDTHB's rise.

    This is a key counterweight: outflows hurt the baht, but rising Thai rate expectations help it.

  • Bank of Thailand tightens FX rules to curb speculation The BOT now requires source-of-funds documents for large inbound transfers, especially for property, crypto and gold. This curbs speculative inflows and supports the baht, working against USDTHB rising.

    New regulation directly affects currency flows and supports 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.