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Global Covid-19 situation, US-China trade talks expected to influence markets

Aug 22. 2020
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The baht would move between 31.20 and 31.70 to the US dollar next week while the SET Index will move between 1,270 and 1,330 points.

CIMB Bank predicted that the baht would move between 31.20 and 31.70 per US dollar next week (August 24 and 28).

The bank advised investors to monitor the Covid-19 situation around the world, and the discussions on trade between the US and China.

The bank said that the dollar’s liquidity was increasing after the Fed purchased US government and Mortgage-Backed Securities bonds.

This week the baht weakened against the dollar, unlike other Asian currencies.

Meanwhile, the Stock Exchange of Thailand Index on Friday closed at 1,299.26, up 2.47 points or 0.19 per cent. Total transactions amounted to Bt42.295 billion with an index high of 1,307.64 and a low of 1,296.68.

Phillip Securities forecast that the SET would move between 1,270 and 1,330 points this week. In addition to the US and China discussions, the securities firm added that investors should monitor the domestic political situation.

As of Friday, gold was priced around $1,932.99 per ounce in the global market and Bt28,850 in the domestic market.

YLG Bullion International suggested that investors purchase gold when it is around $1,885 to $1,906 per ounce, if the price falls to $1,924 per ounce

And if the price reaches between $1,960 and $1,981 per ounce, and cannot pass this resistance, the company advised the investors to sell their gold.

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