Monday, November 30, 2020

Baht under pressure, but strengthens in opening trade

Oct 22. 2020
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By THE NATION

The baht opened at 31.19 to the US dollar on Thursday, strengthening from 31.24 at close on Wednesday.

The Thai currency is likely to move between 31.10 and 31.30, said Jitipol Puksamatanan, senior director of the chief investment office at SCB Securities.

On Wednesday, the S&P 500 decreased by 0.2 per cent. Also, recent US polls have put Joe Biden ahead of Donald Trump, meaning that Biden could likely be the next president, he noted.

At the same time, the financial market was in a risk-on state. The dollar weakened by 0.6 per cent, compared to other main currencies, while the US Ten-Year Treasury yield increased by 2 basis points to 0.80 per cent, Jitipol said.

However, the market was not pressured by the oil price. WTI crude oil decreased by 4.1 per cent due to investors’ concern over low consumption and the Covid-19 crisis around the world.

In Thailand, the baht has been moving without any clear direction as the currency was pressured by the highly fluctuating capital market.

Jitipol advised investors to monitor Thailand's trade report, to be announced on Thursday.

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