Thursday, April 15, 2021

Baht strengthens

Jul 21. 2020
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The baht opened at 31.76 to the US dollar this morning (July 21), strengthening from Monday’s close of 31.80.

The Thai currency is expected to move between 31.70 and 31.90, said Jitipol Puksamatanan, head of Markets Strategy at SCB Securities.

On Monday night (Thailand time), the S&P500 and Euro Stoxx 600 increased by 0.8 per cent.

The European Union at last agreed to spend around €750 billion (Bt27.2 trillion) to stimulate the bloc’s economy, of which €390 billion will be spent on helping businesses impacted by Covid-19 and €360 billion will be used for lending, he said.

Meanwhile, the US aims to spend $1 trillion (Bt31.7 trillion) to stimulate the business sector and on schools nationwide.

A positive update on both continents reduced the US Ten-Year Treasury yield to 0.61 per cent and the German yield to -0.46 per cent. Also, the prices of crude oil and gold increased 0.3 per cent and 0.4 per cent, respectively. These are positive factors for investment in Asia today, Jitipol said.

The baht is becoming stable at 31.80 per US dollar and could strengthen again if investors are bold enough to invest in Asia as they did in the US, he added.

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