Baht weakens
The baht opened at 31.51 to the US dollar this morning (August 25), weakening from yesterday’s close of 31.46.
The Thai currency is expected to move between 31.40 and 31.60, said Jitipol Puksamatanan, head of Markets Strategy at SCB Securities.
Financial markets performed well yesterday, with the S&P 500 increasing by 1 per cent as investors believed a Covid-19 vaccine would be ready soon. This also helped the Euro Stoxx 600 increase by 1.5 per cent.
The US Ten-Year Treasury yield rose by 3 basis points to 0.65 per cent, while the gold price decreased to around $1,925 (Bt60,560) per ounce. The yen meanwhile increased to 106 per US dollar.
Jitipol said the baht fluctuated, moving amid low liquidity, while foreign investors have not yet returned to the Thai market. He added that the currency’s base was strong, but had no major factor to support its recovery.