Tuesday, October 27, 2020

Baht strengthens in opening trade

Jul 29. 2020
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The baht opened at 31.44 to the US dollar this morning (July 29), strengthening from Friday’s close of 31.69.

The Thai currency is expected to move between 31.35 and 31.85, said Jitipol Puksamatanan, head of Markets Strategy at SCB Securities.

On Tuesday night (Thailand time), the S&P500 decreased by 0.6 per cent due to investors’ disappointment over company turnovers. The Stoxx Europe 600 increased by 0.6 per cent.

Jitipol said the market is now focusing on the US Federal Reserve meeting today and tomorrow. He also said the US central bank would continue its relaxed policies to support the market.

Meanwhile the dollar continued to weaken. The Swiss franc strengthened as a safe haven asset from late June, while the US Ten-Year Treasury yield decreased by 3.8 basis points to 0.58 per cent, he said.

As for the baht and other Asian currencies, the strategist advised investors to monitor the situation today. He said people would first invest in safe haven currencies before other currencies in emerging markets.

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