Saturday, November 28, 2020

Baht expected to see fluctuations this week

Oct 26. 2020
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By THE NATION

The baht opened at 31.30 to the US dollar on Monday, weakening from 31.27 at close on Friday.

The Thai currency is likely to move between 31.20 and 31.40 on Monday and between 31 to 31.50 this week, said Jitipol Puksamatanan, senior director of the chief investment office at SCB Securities.

The baht this week is expected to fluctuate, with the global stock market as the main factor. In the short term, the senior director predicted that the baht would strengthen if the market was in a risk-on state.

On Thursday, the Bank of Japan and the European Central Bank will hold their monetary policy meetings.

Some experts forecast that the US gross domestic product in the third quarter to be announced this week would show recovery over the second quarter by 31.8 per cent, due to the restarting of businesses in the country.

Besides, the initial jobless claims this week would be 780,000 positions, lower than the previous announcement of 787,000 positions.

Jitipol mentioned that the financial markets would move in a narrow range this week. He also said that China’s national economic and social development plan would be announced within this week as well. This plan was expected to support Asian market recovery next year, and would be a factor in weakening the US dollar.

The dollar index would move between 92.5 and 93.5 points from the present 92.8 points.

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