Biden win will prove a ‘positive factor for baht’

The Thai currency is likely to move between 30.80 and 31.20 on Wednesday, said Jitipol Puksamatanan, senior director of the chief investment office at SCB Securities.
Financial markets recovered on Tuesday night, with the Nasdaq index rising by 1.9 per cent and the Stoxx 600 increasing by 2.3 per cent.
This US election was expected to see the highest number of voters, with Joe Biden tipped to be the winner, helping the US Ten-Year Treasury yield to increase, Jitipol said.
The “risk on” market weakened the dollar by 0.8 per cent, the highest in a day since August 28. The Japanese yen and Australian dollar strengthened by 0.2 and 1.5 per cent, respectively.
The price of WTI crude oil recovered to $38.60 per barrel, while the gold price increased to $1,913 (Bt59,469) per ounce.
In Thailand, the baht was pressured as foreign speculators were selling the dollar.
The market presently believes Biden will win the election, and this result will be positive for Asian currencies, including the baht, Jitipol added.