FRIDAY, March 29, 2024
nationthailand

Baht seen on a strengthening trend

Baht seen on a strengthening trend

The baht opened at 30.86 to the US dollar on Wednesday morning (June 24), strengthening from Tuesday’s close of 30.95.

The Thai currency is expected to move between 30.80 and 31.00 on Wednesday, said Jitipol Puksamatanan, head of Markets Strategy at SCB Securities.
The financial market on Tuesday night was in a risk-on state. The S&P 500 increased by 0.4 per cent, while the US Ten-Year Treasury rose to 0.73 per cent. Speculators around the world turned their focus on gold, pushing its price up to $1770 per ounce.
Meanwhile, the dollar tended to weaken, compared to other assets. The yen strengthened, while the Australian and New Zealand dollars, which moved in line with commodities, strengthened by 0.3 to 0.4 percentage points, despite oil and industrial minerals prices not increasing.
In Thailand, the baht on Wednesday moved in a narrow range due to the Stock Exchange of Thailand situation, while speculation on the key interest rate was a factor affecting the baht’s level.
The strategist estimated that the baht could strengthen in line with the dollar’s trend from the third to fourth quarters of this year. 
“If Donald Trump wins a second presidential term, the dollar would strengthen due to investors’ hopes of economic recovery. But, if Joe Biden wins the election, investors would have concerns about new economic policies in the future,” he added.

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