Thursday, August 06, 2020

Baht seeing short-term weakness against the dollar

May 28. 2020
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By The Nation

The baht weakened to Bt31.92 to the US dollar on Thursday morning (May 28) from Wednesday’s close of Bt31.85.

The Thai currency is expected to move between 31.80 and 32.00, Krungthai Bank's money market strategist, Jitipol Puksamatanan, said.

On Wednesday night, the S&P 500 rose by 1.48 per cent to 3,036, while Euro Stoxx 50 rose by 1.7 per cent to 3,051, as investors turned to risk assets in response to the business sector resuming operations and hopes of new economic stimulus measures to help economic recovery.

The US Ten-Year Treasury yield was at 0.69 per cent, while the price of gold and Brent crude oil decreased slightly by 0.1 per cent and 5.9 per cent respectively.

The euro strengthened to US$1.10 against the euro, while the Japanese yen weakened to 108 against the dollar.

The baht in the short-term began to weaken similar to the Chinese yuan due to uncertainties in international politics and investors buying up dollars at the end of this month.

The baht is expected to weaken to Bt32.00 against the dollar due to mass sell-offs from exporters.

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