Baht weakens
The baht opened at 30.93 to the US dollar this morning (June 29), weakening from Friday’s close of 30.90.
The Thai currency is expected to move between 30.85 and 31.05 today and between 30.70 and 31.20 this week, said Jitipol Puksamatanan, head of Markets Strategy at SCB Securities.
He advised investors to monitor the Covid-19 situation, Brexit, and US labour data.
The EU and Britain will today discuss trade after the UK leaves the union.
Tomorrow, the US Federal Reserve chairman, together with the commerce secretary, will report on monetary policies to deal with the Covid-19 pandemic.
Thailand will also report its current account balance.
On Thursday, the US will announce nonfarm payrolls and initial jobless claims data. The market estimates there will be around 1.3 million claiming unemployment.
Jitipol said overall economic numbers are expected to be positive. In the short term, he advised, investors must monitor the second wave of coronavirus, which would pressure the stock market and support the dollar.
Meanwhile, the baht in the short term would move in line with the capital market due to trade and tourism having still not recovered, he said.
Relation between the baht and gold has been reduced, and the Thai currency would continue to strengthen if market anxiety about a second virus wave starts to fade, he added.
He advised investors to monitor the Covid-19 situation, Brexit, and US labour data.
The EU and Britain will today discuss trade after the UK leaves the union.
Tomorrow, the US Federal Reserve chairman, together with the commerce secretary, will report on monetary policies to deal with the Covid-19 pandemic.
Thailand will also report its current account balance.
On Thursday, the US will announce nonfarm payrolls and initial jobless claims data. The market estimates there will be around 1.3 million claiming unemployment.
Jitipol said overall economic numbers are expected to be positive. In the short term, he advised, investors must monitor the second wave of coronavirus, which would pressure the stock market and support the dollar.
Meanwhile, the baht in the short term would move in line with the capital market due to trade and tourism having still not recovered, he said.
Relation between the baht and gold has been reduced, and the Thai currency would continue to strengthen if market anxiety about a second virus wave starts to fade, he added.
RELATED