Baht rate unchanged, expected to move in line with dollar
The baht opened at 29.90 to the US dollar on Thursday morning, unchanged from Wednesday’s close.
The Thai currency is likely to move between 29.80 and 30 on Thursday, Krungthai market strategist Poon Panichpibool said.
He mentioned that the market was waiting for new factors to move the currency.
On Thursday, the baht will likely move in line with the dollar.
Poon said the market is still closely watching the status of fresh US stimulus measures, the Covid-19 situation in Thailand and vaccine distribution.
The main focus in Thailand is on PTTOR stocks, as Thursday is the first day of trading on the shares and will likely attract even foreign investors, he said.
Poon said financial markets were not ready for risks, after US core inflation decreased more than the market expected.
The economic data is a matter of concern for investors, who are watching for signs of an economic recovery and are being urged to sell their risk assets for speculation.
The Russell 200 Index dropped by 0.7 per cent, while the S&P 500 saw no change. Europe’s Stoxx 50 closed 0.35 per cent amid investor concern over an EU economic recovery that has been pressured by the virus situation and vaccine distribution.
The US Ten-Year Treasury yield meanwhile decreased by 4 basis points to 1.12 per cent.