Wednesday, September 23, 2020

Baht seen strengthening next week but US economic data holds key

Jun 06. 2020
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The baht will trade next week (June 8 to 12) at around Bt31.30 to Bt31.70 to the US dollar, and important factors worth monitoring are the Fed meeting and dot plots, and estimation of US economic numbers, according to Kasikornbank.

Important economic numbers, such as consumer and producer price, export and import and consumer confidence indices will be announced next week.

The bank also advised the market to monitor the Covid-19 situation, the US- China conflict, and Chinese economic numbers in late May.

The baht this week (June 1 to 5) touched its highest level in the past two months, at around Bt31.45 to the US dollar. The strengthening of the baht was line with other Asian currencies.

In addition, the baht was supported by foreign investors through purchase of stocks and bonds, the bank added.

The baht on Friday (June 5) closed at Bt31.46, strengthening from Bt31.81 the previous Friday (May 29).

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