Thursday, August 13, 2020

Baht expected to move in narrow range until lockdowns lifted worldwide

Jul 01. 2020
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By THE NATION

The baht opened at 30.92 to the US dollar on Wednesday morning (July 1), weakening from Tuesday’s close of 30.87.

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.

On Tuesday night, the S&P 500 rose by 1.5 per cent, and recovered by 18 per cent within three months. 

Meanwhile, the US Ten-Year Treasury yield increased by three basis points to 0.66 per cent.

Gold price was recently $1,781 dollar per ounce, since investors have decided to hold gold amid the mounting Covid-19 crisis in the US.

In the second quarter, oil price increased overall by 91 per cent, the highest in 30 years in a quarter.

Amid these situations, the dollar weakened by 0.2 per cent, compared to other main currencies.

The US Conference Board Consumer Confidence pointed out that the US consumers’ view was more positive, increasing to 98.1 points. Also, their future hopes rose to 106 points, higher than the 2019 average.

In Thailand, the baht is expected to be traded in a narrow range, although currencies in the Asian region have recovered due to the positive stock markets.

The strategist advised investors to monitor the lifting of lockdowns worldwide, which could support Asian currencies and the Thai economy.

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