Baht moves up but Asian economic numbers hold key to future value
The baht on Tuesday (March 24) opened at Bt32.80 to the US dollar, strengthening from Friday’s close of Bt32.97, and would move at between Bt32.75 to Bt33.15 per US dollar, SCB Securities senior market strategist Jitipol Puksamatanan said.
On Monday night, the financial market was supported by the Fed’s policy. US bond yields fell and closed at 0.8 per cent. Also, the S&P500 decreased by 2.9 per cent.
Meanwhile, the dollar recently weakened by 0.7 per cent, while strengthening in the evening.
“This was caused by a relaxation in monetary policy, which is a measuring factor of the baht,” the strategist explained.
“However, the baht situation would be better if Asian economic numbers did not worsen,” he added, explaining, “If the economic numbers are better than expected throughout the region, the sale of currencies would decrease as well.”
