Friday, December 04, 2020

Baht to remain strong: Kasikorn Research Centre

Dec 23. 2019
Kasikorn Research Centre expects the baht to move within a range of 30.10-30.50 per US dollar this week.
Kasikorn Research Centre expects the baht to move within a range of 30.10-30.50 per US dollar this week.
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By The Nation

The value of the baht this week (December 23-27) is expected to remain strong, according to KBank’s research arm.

Kasikorn Research Centre expects the baht to move within a range of 30.10-30.50 per US dollar. A key domestic factor to be monitored closely is November’s export data. External factors will include preparation for the first phase of the US-China trade deal. US economic data, to be released this week, includes new home sales in November and durable goods orders data. Meanwhile, the trading volume will likely be thin as most global markets enter the period of year-end holidays.

The baht last week stayed within a tight range, Kasikorn Research Centre said. The currency fell briefly before the Bank of Thailand’s MPC meeting, as investors awaited its economic forecast revision and signals for a policy rate outlook . However, the baht rose later in the week despite BOT’s decision to keep its policy rate unchanged as expected by the market. And the US dollar faced a sell-off against safe-haven currencies, including the yen and the baht, after US President Donald Trump was impeached by the House of Representatives. Weaker-than-expected US home sales for November, and the Philly Fed Business outlook survey for December also weighed down US dollar sentiment. On Friday, December 20, the baht closed at 30.17/dollar versus 30.21 reported for Friday, December 13.

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