Friday, June 25, 2021

in-focus

The baht opened at 30.07 to the US dollar on Friday, weakening from Thursday’s close at 30.03.


The Thai currency is likely to move between 29.95 and 30.15 on Friday, said Jitipol Puksamatanan, the head of the “Easy Invest” team at SCB Securities.

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On Thursday night, the financial market in the US rose, despite a political turbulence at the White House. The Nasdaq index recovered by 2.5 per cent to its new high, while S&P 500 by 1.48 per cent.

Jitipol explained that the rise in the market caused by investors’ hope toward US economy in the period of Joe Biden.

An initial jobless claim announced this week showed a decrease in positions at 787,000. Meanwhile, the US ISM Services Index of the last month recovered to 57.2 points from 55.9 points.

Moreover, the US Ten-Year Treasury yield increased by 4 basis points to 1.08 per cent, and the dollar strengthened by 0.5 per cent compared to other main currencies.

In Thailand, Jitipol explained that the baht weakened to over 30 per US dollar, since exporters and investors did not sell the dollar they held amid Covid-19 crisis in Thailand. At the same time, a purchasing power of importers has increased after thebaht weakened, he added.

Today, he predicted that Asian currencies, including the baht, will weaken again from the strengthening dollar.

Published : January 08, 2021

By : THE NATION