FRIDAY, March 29, 2024
nationthailand

Baht weakens in keeping with trend of regional currencies

Baht weakens in keeping with trend of regional currencies

The baht opened at 31.15 to the US dollar on Friday morning (June 12), weakening from its previous close of 30.95.

The Thai currency is expected to move between 31.05 and 31.25 to the dollar, said Jitipol Puksamatanan, head of Markets Strategy at SCB, Securities.
On Thursday night, the S&P 500 slumped by 5.9 per cent, while the US Ten-Year Treasury fell to 0.66 per cent. Moreover, the price of gold and WTI crude oil reduced by 0.6 per cent and 9.1 per cent, respectively.
The financial markets this time avoided risk, since the US central bank did not relax its policies. In addition, numerous investors started to trade their assets after seeing the stock market growing at a fast rate.
The US economic numbers have recovered continually. The new initial jobless claim this week decreased to 1.54 million positions, while the old ones fell to 20.9 positions.
In the financial market, the dollar strengthened over other currencies, and also the franc and yen.
In Thailand, the baht weakened in line with other neighbouring currencies. The strategist said it was unlikely the baht would weaken at a sharp rate. Moreover, exporters are concerned that the baht will strengthen again, after it was lower than Bt31 to the US dollar.

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