Baht unchanged as currency market awaits Fed chief's meeting with US Congress
The baht opened at 29.98 to the US dollar on Monday, unchanged from Friday’s close.
The Thai currency is likely to move between 29.90 and 30.10 on Monday and between 29.85 and 30.15 this week, said Jitipol Puksamatanan, the head of “Easy Invest” team at SCB Securities.
He advised investors to follow Thailand's trade balance, the rise in US Treasury yield and the People's Bank of China declaration on one-year loan prime rate as the baht in the short term would move in line with the dollar.
"The currency market would keep an eye on Federal Reserve chairman Jerome Powell's view on the US$1.9-trillion economic stimulus package, inflation, and quantitative easing during the meeting with the US Congress on Tuesday," he said.
He expected the dollar to weaken if the global economy recovers and the Fed decides to maintain its monetary policy.
"However, the dollar would not weaken much because it gained positive sentiment from rising US Treasury yield," he added.