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Baht strengthens


The baht opened at 30.04 to the US dollar on Wednesday, strengthening from 30.10 at close on Tuesday.

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The Thai currency is likely to move between 29.93 and 30.13, said Jitipol Puksamatanan, the head of the Easy Invest team at SCB Securities.

On Tuesday night, the S&P 500 and Stoxx 600 indexes rose only 0.04 per cent, supported by bank and energy stocks.
At the same time, investors did not rush to sell stocks that benefit from Covid-19 policies. Most investors did not move, waiting to see in which direction US politics was headed, Jitipol said.

 

The gold price meanwhile rose to $1,858 (Bt55,903) per ounce after the dollar index dropped by 0.47 per cent to 90 points. The yen strengthened to lower than $104, reflecting the fact that investors were still confident in Asian markets despite the Covid-19 situation.

 

The US Ten-Year Treasury yield stayed at 1.15 per cent.

 

In Thailand, foreign investors decided to buy Thai stocks after China’s CSI 300 index rose by 2.85 per cent yesterday, Jitipol said.

 

He added that there would be more investment in Asian markets if returns were better than their western counterparts, and this would be to the baht’s advantage.

Published : January 13, 2021

By : THE NATION