Baht expected to move in a narrow range

The Thai currency is likely to move between 31.45 and 31.65, said Jitipol Puksamatanan, head of markets strategy at SCB Securities.
On Thursday night, the financial markets moved in a narrow range. The S&P 500 index increased by 0.5 per cent from the trade of tech stocks. Brent crude oil decreased by 3.4 per cent.
The US ISM manufacturing dropped to 55.4 points, while the US initial jobless claims announced this week decreased to 837,000 positions. Moreover, the continual claimers dropped to 11.8 million.
In the financial markets, the dollar weakened by 0.5 per cent. The pound weakened too, after Brexit discussions made no progress. One issue to monitor is a Bt2.2-trillion economic stimulus policy proposed by the Democratic Party.
The strategist said that the baht would move in a narrow range, and was supported by most Asian currencies that strengthened. He also advised investors to monitor the US nonfarm payrolls to be announced on Friday, since it could affect investments in Asia and strengthen the baht.