The Bank of Thailand (BoT) will not sound the alarm over baht strength until USD/THB nears the 31.00 level or lower, in the view of economists at Credit Suisse.

There is still much further potential for growth to Thai tourism

“The Thai government has been relatively fast in easing restrictions on the movement of people in 2022, and we think increased demand from abroad for Thai tourism services will put appreciation pressure on the Thai baht.”

“Despite headwinds from a hawkish Fed, we think USD/THB will trade lower towards 32.00, with no intervention from the BoT until USD/THB reaches 31.00 or lower.”