The Thai currency is expected to move at between 31.80 and 32 on Wednesday, SCB Securities senior market strategist Jitipol Puksamatanan said.

On Tuesday night, the S&P 500 and Euro Stoxx 50 fell by 1.05 and 0.32 per cent, while gold price increased to $1,745 per ounce. Besides, the US Ten-Year Treasury fell to 0.68 per cent.

In the financial market, the correction did not help strengthen the dollar much, since the market was focused on the euro which was supported by the financial policies of France and Germany. Moreover, numerous European countries have restarted trade with each other, and the euro in the future would strengthen more than the dollar, the strategist added.

On Wednesday, all eyes will be on the meeting of Thailand’s Monetary Policy Committee (MPC), whether it will reduce the key interest rate to 0.50 per cent or stay at the current rate of 0.75 per cent.

In Thailand, the baht strengthened but foreign investors have not obviously returned to investing in Thai stocks and bonds. Also, he said the baht would weaken to Bt32 to the US dollar if the MPC reduced the interest rate.