Thai currency to move within Bt29.80 and Bt30.30 range this week
Between December 28 and January 1, Kasikornbank expects the baht to move within the range of Bt29.80 and Bt30.30 against the US dollar.
KResearch said the key factors to be monitored closely are the global Covid-19 situation, the central bank’s report on economic and monetary conditions for November and foreign fund flows into the country.
Meanwhile, the US economic data to be released this week include October property price index, November pending home sales data and weekly unemployment claims report. Market participants may also eye the Chinese purchasing managers’ index (PMI) for December, which may shed light on the state of the private sector.
The baht fell early last week in line with other regional currencies, while the dollar strengthened as a safe-haven currency amid heightened concerns about the Covid-19 situation both at home and overseas.
The baht, however, pared some losses, while the greenback suffered sell-offs amid position adjustment after the Thai government announced Covid-19 control zoning, but did not enforce a national lockdown.
On Friday, the baht stood at Bt30.08 to the US dollar compared to Bt29.83 on the previous Friday (December 18).
