USD/THB Falls Modestly As Market Assesses U.S. Non-Farm Payrolls Data

USD/THB traded lower on Monday as the greenback continued to weaken following Friday’s weak non-farm payrolls data. Several Federal Reserve (Fed) officials attended the press conference but did not provide additional guidance on the Fed’s stance beyond that provided in last week’s resolution. The Fed’s policy remains dependent on economic data and seeks to be more cautious about further interest rate cuts.

Nonetheless, markets have adjusted their expectations for the Federal Reserve and now see a higher likelihood of first rate cuts in July and September, which could add pressure on the dollar in the near term. These factors, coupled with the lack of economic data for the market to digest this week, have created an atmosphere of uncertainty for the US dollar, which may push the market to launch a downward test of the US dollar this week.

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