Sun, October 24, 2021

in-focus

Baht unchanged against dollar while greenback strengthens against other currencies


The baht opened at 29.98 to the US dollar on Tuesday, unchanged from Monday’s close.

The Thai currency is likely to move between 29.95 and 30.05 on Tuesday, Krungthai market strategist Poon Panichpibool said.

On Monday night, the market was in risk-on state, despite economic numbers around the world being worse than investors expected.

China’s Caixin Manufacturing purchase managers' index (PMI) in January fell from 53 points to 51.5 points, while the US ISM Manufacturing PMI in the last month dropped from the previous 60.5 points to 58.7 points.

In addition, German retail sales fell by around 10 per cent from November, the strategist added.

He said the market situation demonstrated that investors still have interest in risk assets, especially stocks that have been affected positively from the Covid-19 vaccine distribution.

The S&P500 index increased by 1.6 per cent, while the Nasdaq index rose by 2.6 per cent. The Stoxx 50 index closed positively by 1.4 per cent.

The US Ten-Year Treasury stayed at 1.07 per cent, and the dollar strengthened compared to other main currencies. The euro weakened to 1.206 to the US dollar.

Poon added that over 200 corporations would announce their financial results this week, including Amazon and Google.

Published : February 02, 2021

By : THE NATION