FRIDAY, March 29, 2024
nationthailand

Baht weakens as global markets slide

Baht weakens as global markets slide

The baht on Friday (March 12) opened at Bt31.85 to the US dollar, weakening from Thursday’s close of Bt31.57, and was likely to move at between Bt31.80 to Bt32.00 per US dollar, SCB Securities senior market strategist Jitipol Puksamatanan said.

“The baht on Friday would weaken in line with the dollar,” he added.
“The market estimated that the Fed would stimulate liquidity in the system. Investors, meanwhile, must monitor the financial policy in Asia in terms of confidence towards investors.”
On Thursday night, the S&P 500 index fell by 9.5 per cent, while the 10-year Treasury contracted to 0.8 per cent. Besides, the WTI crude oil price reduced to $30.90 per barrel, and gold price dropped to $1,575 per ounce.
Brazil’s IBOVESPA financial market crashed by 20 per cent, and they have had to pull the circuit breaker four days this week. Also, the Brazilian currency real weakened by 5 per cent in one day, after the country’s president was infected by Covid-19.
Meanwhile, the European Central Bank has maintained the interest rate at minus 0.5 per cent. The bank chose to grant a loan through targeted longer-term refinancing operations to European entrepreneurs, at the interest rate of minus 0.25 per cent. The bank also has bought more assets worth €120 billion.

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