The Thai currency is likely to move between 29.95 and 30.05 and in line with the dollar, Krungthai market strategist Poon Panichpibool said.
On Thursday night, financial markets were in a risk-on state in response to the rise in listed companies' turnover and strong US economic data despite the Covid-19 impact.
The abovementioned factors helped stock markets to rebound after falling the previous day. The S&P 500 and Stoxx 50 indexes rose by 0.9 and 0.6 per cent respectively, while the US Ten-Year Treasury yield increased by over 3 basis points to nearly 1.05 per cent as investors reduced their holdings in safe-haven assets.
The US dollar index fell by 0.12 per cent to 90.54 points, causing market-sensitive currencies to rise. Meanwhile, alternative assets such as bitcoin jumped by 6.2 per cent to $32,912.
Poon noted that the market would continue monitoring global economic data and listed companies' performance as the financial market is likely to face high volatility due to the Covid-19 outbreak, the delay in Covid-19 vaccine delivery, together with uncertainty over the rollout of economic stimulus measures and the central bank's monetary policy easing.
He also mentioned that the dollar tended to strengthen amid a demand for safe-haven assets and market fluctuations.
Published : January 29, 2021
By : The Nation