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Baht gains in morning trade

Feb 27. 2020
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By THE NATION

The baht opened at Bt31.79 to the US dollar on Thursday (February 27), strengthening from Wednesday’s close of Bt31.86, and is likely to move between Bt31.73 to Bt31.88, SCB Securities senior market strategist Jitipol Puksamatanan said on Thursday.

“Issues worth monitoring at this time are the Asian economic direction and US financial policy on lowering interest,” he added.

“The other issue relates to the Covid-19 situation and the investment in the US market, and is a key factor in helping Asian currencies recover,” he explained.

On Wednesday night, the US financial market was in risk-off state. The S&P 500 dropped by 0.38 per cent while Euro Stoxx 50 rose by 0.14 per cent.

The 10-year US Treasury contracted from 1.30 per cent previously to 0.50 per cent, and the Brent crude oil price fell to $53 per barrel. “This price is the lowest point since October 2017,” he added.

In the money market, the US dollar has started to weaken, compared to Asian currencies, after President Donald Trump talked about US countermeasures on the Covid-19 outbreak this morning.

On Wednesday night, the dollar was the most stable currency compared to the others, as the US was expected to prepare better measures to tackle the virus.

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