Baht appreciates, but investors await outcome of MPC meeting tomorrow

The Thai currency is likely to move between 30.10 and 30.30, said Jitipol Puksamatanan, senior director of the chief investment office at SCB Securities.
On Monday night, the financial markets were in a risk-on state, and recovered from news of a Covid-19 vaccine. The S&P 500 and Stoxx 600 indices both rose by 1.2 per cent.
The WTI crude oil price increased by 3.1 per cent, while the price of gold fell by 0.1 per cent. However, the news of a Covid-19 vaccine did not prompt investors to sell their safe haven asset as much as in the past.
In the US and Germany, the Ten-Year Treasury yield stayed at 0.90 per cent and –0.55 per cent, respectively.
The dollar weakened 0.2 per cent, compared to other main currencies. The euro and the franc did not weaken, since the European Central Bank signalled that it would issue more stimulus packages next month.
In Thailand, speculators have reduced the baht they held due to the Bank of Thailand measures amid the strengthening baht, Jitipol said.
In the next phase, he forecast that foreign investors would watch the outcome of the Monetary Policy Committee meeting on Wednesday, before deciding on returning to Thailand.