Baht weakens

The baht is expected to move between 32.12 and 32.32 to the dollar today, SCB Securities senior market strategist Jitipol Puksamatanan said.
Last night, the S&P 500 index was unchanged, while the Euro Stoxx 50 dropped by 0.84 per cent due to a mass sell-off of shares.
“The market did not gain after 90 per cent of US companies announced their first quarter performance, causing the dollar to strengthen compared to other currencies,” he said.
Jitipol said the US Ten-Year Treasury yield rose by 3 basis points to 0.71 per cent due to uncertainty following an increase in government bonds.
“Meanwhile, investors expected the US Federal Reserve to keep from imposing negative interest rates. Fed Governor Jerome Powell and the Monetary Policy Committee will comment on the issue this week,” Jitipol said.
He also said the baht is still moving amid high market volatility, depending on foreign investor trading and the direction of the dollar against the euro.
“We expect the direction of interest and the capital market would affect the exchange rate,” he added. “The dollar will strengthen against the baht if the US Treasury yield rises more than 0.75 per cent.”