OCBC reports the Thai baht’s bullish trend against the USD, now near 34.80, faces limits from Bank of Thailand intervention concerns. Export competitiveness worries may cap gains, keeping USD/THB range-bound between 34.70–35.30, with traders advised to watch for official signals or reversals.

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Currency Strength Amid Regional Tailwinds

OCBC’s latest analysis reveals the Thai baht has strengthened to approximately 32.80 per US dollar, its strongest level in months, driven by regional currency momentum, improved domestic sentiment, and a weaker US dollar. This appreciation aligns with a broader Asian currency trend, as markets anticipate potential Federal Reserve rate cuts later this year. However, OCBC cautions that Thailand’s heavy reliance on exports makes it particularly vulnerable to currency strength compared to regional peers, setting the stage for closer scrutiny from domestic monetary authorities as the baht’s rally continues to unfold against the dollar.

Bank of Thailand’s Intervention Risk Looms Large

Despite the bullish momentum, OCBC emphasizes that the Bank of Thailand’s (BoT) sensitivity to rapid appreciation could significantly cap further gains. The central bank has historically intervened when currency strength threatens export competitiveness, using tools such as direct market intervention, interest rate adjustments, or verbal warnings. OCBC projects the USD/THB pair will likely remain range-bound, with support near 32.70–32.80 and resistance around 33.20–33.30. This creates a critical dynamic where traders pursuing the baht’s upside must carefully weigh the probability of official intervention, which could trigger abrupt short-term reversals and disrupt otherwise favorable trading positions.

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Implications for Traders and Businesses

For market participants, understanding BoT’s policy stance is essential, as intervention can swiftly alter currency direction. OCBC advises closely monitoring verbal cues and economic data releases that might signal impending action. Businesses engaged in Thai trade face a dual-edged impact: a stronger baht reduces import costs but simultaneously erodes export competitiveness and pricing power internationally. Additionally, currency strength could dampen tourism appeal by making Thailand more expensive for foreign visitors. Investors should also factor baht movements into assessments of Thai equities and bonds, since currency stability directly influences asset attractiveness and returns, making vigilance around BoT actions a critical component of any Thailand-focused investment or trading strategy.

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Federal regulators announced Friday that hundreds of boxes of mangoes sold at Walmart stores are being recalled over potential salmonella contamination. 

At least 302 boxes of Martina-brand mangoes are included in the recall initiated by Panorama Produce, according to the Food and Drug Administration (FDA). The affected produce is packaged in nine-count boxes containing large mangoes. 

The recalled mangoes were sold at select Walmart locations in New York, New Jersey, Pennsylvania and Connecticut. 

The safety alert was issued after FDA testing reportedly detected salmonella in mangoes grown on the same farm as the recalled fruit. The mangoes that tested positive were not distributed in U.S. commerce, officials said. 

NEARLY 25K POUNDS OF FROZEN BUFFALO CHICKEN RECALLED OVER INSPECTION LAPSE

“The recalled mangoes and the sampled mangoes share the same source, therefore Panorama Produce has initiated a recall,” the notice said.

No illnesses have been reported in connection with the recalled mangoes. 

The affected mangoes bear a light blue Agrofepac sticker, are labeled “Produce of Mexico” and have PLU number 4584 and UPC number 07503061948050. 

The mangoes were distributed between Aug. 10 and Aug. 21. 

Ticker	Security	Last	Change	Change %
WMT	WALMART INC.	104.87	+1.78	+1.73%

Consumers are urged to discard the recalled mangoes or return them to the place of purchase to avoid potential health risks. 

Anyone who believes they may have become ill after consuming the product should contact a health care provider, regulators said. 

BETTER BAKEHOUSE RECALLS CHOCOLATE-DIPPED DONUTS FOLLOWING ALLERGIC REACTION, MISLABELING ISSUE

“Panorama Produce is an experienced produce importer committed to a strong focus on food safety. This recall is being conducted voluntarily and in coordination with the U.S. Food and Drug Administration,” the company said, according to regulators

Consumers with further questions about the recall can contact Panorama Produce by email at information@panoramaproduce.com Monday through Saturday from 9 a.m. to 7 p.m. ET. 

Salmonella is an organism that can cause serious and sometimes fatal infections, especially in young children, frail or elderly people, and others with weakened immune systems. 

Healthy people infected with Salmonella may experience fever, diarrhea, nausea, vomiting and abdominal pain.

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In rare cases, the infection can enter the bloodstream and cause more severe illnesses, including arterial infections, endocarditis and arthritis.

The yen steadied near the 160-per-dollar level on Tuesday after U.S. Treasury Secretary Scott Bessent ramped ​up pressure on the Bank of Japan to ​hike rates later this month, while currency markets kept a wary watch on renewed attacks ​in the Middle East.

U.S. President Donald Trump threatened further strikes against Iran after the first exchange of direct attacks in a month as the six-month-long conflict shows no signs of ending. The fresh attacks sent Brent crude futures above $91 a barrel and Treasury yields higher. [O/R][US/]

The yen last bought ‌159.81 per dollar, having ⁠weakened past ⁠the 160 level in the two previous sessions. The yen firmed after Bessent said he believed Japan’s government and central bank would take action that ​leads to a stronger yen.

“I have information that the market doesn’t have, and it’s my belief that the Japanese government and the BOJ ​will do the things that will lead to a stronger yen,” Bessent told CNBC in an interview during a Group of 20 finance leaders’ gathering.

A rare joint intervention from the U.S. and Japan at the end of July provided short-lived relief ​for the fragile yen, with the currency having since surrendered most of the gains ⁠from the ‌joint action.

Markets are pricing in a 73% chance of a hike from the BOJ later this ​month, but analysts ​suggest there needs to be a much stronger follow-through by the central bank.
“For the yen, a ⁠September BOJ hike is already heavily anticipated,” said Charu Chanana, chief investment strategist ​at Saxo.”With US yields still high and rising oil worsening Japan’s terms of trade, ​the yen probably needs a more hawkish BOJ path beyond September – not just one hike – to sustainably move away from 160.”

The U.S. dollar was subdued, backing away from Friday’s gains as investors contended with rising odds of a hike from the Federal Reserve in September after last week’s hawkish remarks from Fed Chairman Kevin Warsh.

The euro was steady at $1.1623 after eking out a nearly 1% gain for August. Sterling last fetched $1.35575 after a 0.5% rise last month. The dollar index, which measures ‌the U.S. currency against six other units, eased to 99.37.

In his debut speech at the Jackson Hole symposium of central bankers, Warsh said the Fed will “have work to do” should inflation not appear to ​be cooling, stoking ​expectations of a possible rate hike ⁠in the upcoming Fed meeting in September.

Traders are pricing in a 65% chance of a Fed hike later this month, compared to 41% a week earlier, the CME FedWatch tool showed.

“It is notable that higher oil prices and Treasury yields have ​failed to support the USD,” said Carol Kong, a currency strategist at Commonwealth Bank of Australia.

“The overnight USD weakness may reflect markets reassessing whether Chair Warsh’s hawkish stance is sufficient to restore Fed credibility. Rising expectations of a September BoJ rate hike also added further pressure on the USD.”

Investor attention will be on a slew of economic data later this week that will help guide whether the Fed will deliver a hike.

In other currencies, the Australian dollar was a touch firmer at $0.7172, while the New Zealand dollar fetched $0.5921.

Mumbai: September has delivered mixed returns for Indian equity investors over the past decade, and analysts expect limited upside for the Nifty this year. Mid- and small-cap stocks could once again outperform, extending a trend that has historically favoured the broader market during the month.

Over the past 10 years, the Nifty 50 and Nifty 500 have risen in five Septembers each, with average losses of 0.27% and 0.17%, respectively, according to Bloomberg data. However, the Nifty Midcap 100 and Nifty Smallcap 250 advanced in seven out of the past 10 Septembers, the data showed.

“September seasonality has generally favoured small-caps and mid-caps, while large caps have delivered mixed returns, and we see a strong probability of this trend continuing into the month ahead,” said Sriram Velayudhan, senior vice -president at IIFL Capital Services. “Paper supply across both primary and secondary markets is likely to put pressure on large caps, as funds will look to liquidate holdings for participation.”

The Nifty fell 0.4% to end August at 24,080.4. The NSE benchmark declined 1.2% during the month.

The Nifty Midcap 100 climbed 2.1%, the Nifty Smallcap 250 gained 2.5%, while the Nifty 500 index was flat in August.

Read more: NSE records Rs 39,718 cr turnover in closing auction session on first index rebalancing day
“We do not see much upside for the headline indices going into September, as heavyweight sectors such as banks, FMCG and IT have shown weaker performance recently, while FII selling, which had paused over the last few weeks, has resumed,” said Siddarth Bhamre, head of institutional research at Asit C. Mehta Investment Intermediates. While foreign investors remained net buyers of equities worth ₹8,385 crore in August, they sold shares worth ₹7,986 crore on Monday, with the outflows largely driven by MSCI’s August rebalance.Bhamre said the Nifty has remained in a narrow range for the past four months and, without fresh triggers, is likely to continue trading within that band.

“However, domestic fund flows remain concentrated in mid- and small-cap stocks, which could continue to outperform. We therefore expect market action to remain largely stock-specific until fresh triggers emerge,” he said.

Velayudhan said the Nifty is expected to remain range-bound between 23,800 and 24,600, with investors closely monitoring developments around geopolitical tensions.