Tuesday, June 02, 2020

Baht opens at 31.57 to US dollar

Mar 06. 2020
Facebook Twitter

By THE NATION

The baht opened at 31.57 to the US dollar this morning (March 6), weakening from Thursday’s close of 31.55.

The baht is likely to move at between Bt31.50 and Bt31.65 per US dollar, SCB Securities senior market strategist Jitipol Puksamatanan said.

The currency is fluctuating again due to speculation by foreign investors and the stock and bond situation.

“The baht today is forecast to fluctuate, since it was a safe haven asset for Thai entrepreneurs and, at the same time, a risk asset for foreign investors” he said.

On Thursday night, the S&P500 and Euro Stoxx 50 dropped by 3.39 per cent and 1.67 per cent, respectively, due to concerns over the Covid-19 situation worldwide.

The virus also pressured the US two-year bond yield to contract at 0.58 per cent, the lowest point since mid-2016.

Meanwhile, the US ten-year bond yield decreased 0.9 per cent, while Japanese and German bond yields decreased 0.12 per cent and 0.69 per cent, respectively.

The US dollar weakened as the stock market fluctuated, while gold, the yen and the euro strengthened as safe-haven assets. 

“This shows investors are reducing their possession of stocks,” the SCB strategist said.

Tags:
Facebook Twitter
More in News
Editor’s Picks
wmg-logo
Top News
wmg-logo