Tuesday, June 15, 2021

in-focus

Baht weakens a tad, forecast to move in line with the dollar


The baht opened at 30.01 to the US dollar on Thursday, barely weakening from Wednesday’s close of 29.98.

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The Thai currency is likely to move between 29.95 and 30.10 and in line with the dollar, Krungthai market strategist Poon Panichpibool said.

 

On Wednesday night, financial markets fluctuated due to several factors – the Covid-19 situation and registered corporation turnovers, which were worse than market expectations, he said.

 

The S&P 500 and Nasdaq indexes decreased by around 2.6 per cent amid investor disappointment over turnover results announced by Facebook and Tesla.

 

In the EU, the Stoxx 50 index dropped by 1.6 per cent from concern about the dire virus situation in numerous countries, which have clamped lockdowns.

 

With the market in a risk-off state, the US Ten-Year Treasury yield decreased by 3 basis points to 1 per cent, while the dollar strengthened. Meanwhile, the euro weakened to 1 per 1.2 dollars.

 

Poon noted the market would continue monitoring US economic data, with observers expecting to see growth in the last quarter.

 

He also mentioned that the dollar tended to strengthen amid a demand for safe-haven assets and market fluctuations.

 

Published : January 28, 2021

By : THE NATION