Tuesday, September 22, 2020

Baht strengthens a tad

Aug 13. 2020
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By THE NATION

The baht opened at 31.05 to the US dollar this morning (August 13), strengthening from Tuesday’s close of 31.10.

The Thai currency is expected to move between 30.95 and 31.15 today, said Jitipol Puksamatanan, head of Markets Strategy at SCB Securities.

Yesterday, some global financial markets were in positive territory. The S&P 500 increased by 1.4 per cent, while the Euro Stoxx 600 rose 1.1 per cent.

Jitipol said this improved market situation was due to investors hoping that the Covid-19 crisis would come to an end soon. Another supporting factor to support the market was the WTI oil price, which reached $42.50 (Bt1,320) per barrel, the highest in five months.

The US and German Ten-Year Treasury yields increased to 0.67 per cent and -0.45 per cent, respectively. At the same time, the US dollar weakened by 0.3 per cent, compared to other main currencies. The Norwegian krone was the currency that strengthened the highest, while the Japanese yen weakened to 106.8 per US dollar.

As for the baht, the strategist said the Asian stock market movement would be the most influential factor. Also, the baht was supported by the “risk on” capital market.

In the short term, the yuan, which is expected to reach 6.9 per US dollar, would support investment in Asia, Jitipol added.

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