Thursday, October 22, 2020

Baht strengthens, but under pressure

Oct 01. 2020
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The baht opened at 31.60 to the US dollar on Thursday, strengthening from yesterday’s close of 31.68.

The Thai currency is likely to move between 31.50 and 31.70, said Jitipol Puksamatanan, head of markets strategy at SCB Securities.

On Wednesday, the S&P 500 increased by 0.8 per cent amid investors’ hope of further financial stimulus policies. The US ADP employment change announced late showed an increase of 749,000 positions in September, he said, noting that the US MNI Chicago business activity report recovered to 62.4 points, similar to that at the end of 2019.

The US Ten-Year Treasury yield rose by 3.5 basis points to 0.68 per cent, reflecting the “risk-on” state of the market. Moreover, the dollar weakened by 0.4 per cent compared to other main currencies.

Jitipol said the baht moved in a narrow range. Investor speculation pressured the baht to weaken compared to other Asian currencies this morning, he added.

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