Tuesday, August 11, 2020

Baht strengthens in line with Asian currencies

Jul 09. 2020
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The baht opened at 31.14 to the US dollar on Thursday morning (July 9), strengthening from Wednesday’s close of 31.24.

The Thai currency is expected to move between 31.05 and 31.25 on Wednesday, said Jitipol Puksamatanan, head of Markets Strategy at SCB Securities.

On Wednesday night, the S&P 500 increased by 0.7 per cent, from a rebounding of technology stocks, while Euro Stoxx 600 fell by 0.6 per cent.

Asian stock markets on Thursday morning were also in positive zone.

The strategist pointed out that the huge fluctuations in the stock markets had gradually reduced, as seen in the VIX Index that was down by 28.14 per cent.

Brent crude oil price rose to over $43 per barrel, although the American Petroleum Institute reported that overall oil use has not recovered.

Gold price rose by 0.8 per cent, the new highest point in history, to over $1,800.

In the financial market, the dollar has weakened. The pound and euro strengthened by 0.5 and 0.8 per cent, respectively, from the new UK policies to help economic recovery. Besides, the European Central Bank had a positive view that the economy in the region would recover at a faster rate than it had expected before.

The baht has strengthened in line with other Asian currencies. In the short term, the currency would not strengthen fast, despite gold price rising. In the long term, the selling power of the baht would increase if gold reached Bt28,000 per baht weight.

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