THURSDAY, March 28, 2024
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Baht expected to strengthen in short term with other Asian currencies

Baht expected to strengthen in short term with other Asian currencies

The baht opened at 31.57 to the US dollar on Monday, unchanged from Friday’s close.

The Thai currency is likely to move between 31.45 and 31.65 on Monday, and between 31.25 and 31.75 this week, said Jitipol Puksamatanan, head of markets strategy at SCB Securities.
The strategist said that the baht in the short term would strengthen in line with other Asian currencies. Also, he added that the baht on Monday and Tuesday would move in a narrow range, and in a wider range after the US Federal Open Market Committee meeting minutes are revealed on Wednesday.
The economic fluctuation could decrease if the US president returns to his office, after being infected by Covid-19, he added.
Jitipol said that economic numbers worth monitoring this week included the Thai inflation rate and the US ISM Services Index to be announced on Monday, and the initial jobless claim to be announced on Thursday.
As for the dollar, the strategist said that the currency this week would be supported by less fluctuation in US politics. The dollar index this week was estimated to move at between 93.2 to 94.2 points, from the present 93.8 points.
On Wednesday, there will be a debate between Mike Pence and Kamala Harris, the candidates for US vice president.
 
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