Thursday, April 15, 2021

Baht and Asian currencies expected to weaken

Oct 12. 2020
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By THE NATION

The baht opened at 31.07 to the US dollar on Monday, unchanged from Friday's closing price.

The Thai currency is likely to move between 31 and 31.20 on Monday and between 30.80 and 31.30 this week, said Jitipol Puksamatanan, senior director of the chief investment office at SCB Securities.

He said that the Asian currencies, including the baht, would weaken slightly after the dollar weakened last week. Moreover, he said that the development of a Covid-19 vaccine is a factor to support the Asian currencies.

This week, Jitipol predicted that assets in financial markets would move in a wide range. He added that the market was most interested in the economic stimulus policies of the US, which could affect the election next month.

Jitipol explained that if Donald Trump earned more scores, the market would fluctuate more and the dollar would strengthen.

He said that listed companies in the US would start announcing their results for the third quarter.

Also, the International Monetary Fund will soon state the new economic trends for 2020, after it had previously announced that the global economy would contract by 4.9 per cent in 2020 and recover by 5.4 per cent in 2021. If this prediction was improved, it would be positive for risk assets.

Jitipol forecast that the dollar index this week would move between 92.5 to 93.5 points, from the present 93 points.

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