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Baht vulnerable to expected swings in stock markets

Nov 27. 2020
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The baht opened at 30.29 to the US dollar on Friday, unchanged from the previous day's close.

The Thai currency is likely to move between 30.20 and 30.40, said Jitipol Puksamatanan, senior director of the chief investment office at SCB Securities.

On Thursday night, the US stock market closed, while the Stoxx 600 in the EU fell by 0.1 per cent, despite no important movement occurring in the market.

The price of WTI crude oil dropped by 1.6 per cent, after rising for four days.

Meanwhile, the price of bitcoin collapsed by 14 per cent, after reaching a new high this week. Gold price was at $1,815 (Bt54,976) per ounce.

In the financial markets, the dollar strengthened by 0.1 per cent.

Jitipol explained that the main issues in the market at this time were Brexit, the development of a Covid-19 vaccine, and economic recovery at the end of this year.

In Thailand, the baht moved in a narrow range. Foreign capital flowing into the country decreased on Thursday, which was Thanksgiving Day.

In the next phase, the senior director warned investors about changes in stock markets that would possibly affect risk assets and currencies in emerging markets.

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