The baht is expected to move between Bt31.95 and Bt32.15 to the dollar today, SCB Securities senior market strategist Jitipol Puksamatanan said.

On Wednesday night, the S&P 500 fell by 1.75 per cent, while Euro Stoxx 50 fell by 2.55 per cent due to uncertainty following the prolonged economic slowdown and lack of new monetary policy.

Recently, US Federal Reserve chairman Jerome Powell said that he will not use negative interest rate policy as urged by the US President Donald Trump.

However, this issue did not affect the dollar, but it strengthened the yen and boosted the price of gold.

Meanwhile, the British pound and the Canadian dollar weakened due to the likelihood of the Bank of England easing monetary policy.

Jitipol said factors that would strengthen the baht are foreign investment in Thai bonds and mass sell-offs in assets among exporters.

“We do not expect renewal of lockdown measures in various countries, causing the baht to strengthen,” he said.

He added that the baht is expected to move to 31.90 against the dollar in the second quarter and to 31.50 at the end of this year due to uncertainty following the renewal of the US-China trade war before the US presidential election.