Friday, August 14, 2020

Baht opens at 32.55 to dollar

Mar 30. 2020
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By THE NATION

The baht today (March 30) opened at 32.55 per US dollar – similar to the figure at Friday’s close.
SCB Securities senior market strategist Jitipol Puksamatanan predicted that the currency would move between 32.40 and 32.70 per US dollar today, and 32 and 33 this week.

Meanwhile, the oil price decreased due to contracted consumption. The price of WTI and Brent crude fell to $20-$23 (Bt649.20-Bt746.60) per barrel. These decreased prices would pressure investment in energy worldwide, he said.

The highlight this week is the report on US employment and the purchasing managers’ index.

US non-farm payrolls were believed to have decreased by 100,000 positions, heightening the unemployment rate to 3.8 per cent. The index’s level was expected to be lower than 50 points, or at regression.

The US dollar continued to weaken, while US bond yields, as well as those of European countries, fell.

This week, the euro and yen would be currencies investors may decide to invest in, he said.

As for the baht, investors must monitor capital market movement, since capital flowed back to Thailand on March 27, with investment in stocks and bonds totalling $85 million. The situation caused the baht to strengthen again.

However, the currency could weaken if foreign investors turn their backs on further investment, Jitipol added.

 

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