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Baht weakens, ‘not likely’ to strengthen in short term
NationalOct 14. 2020
By THE NATION
The baht opened at 31.26 to the US dollar on Wednesday, weakening from 31.18 at close on Monday.
The Thai currency is likely to move between 31.10 and 31.30 on Wednesday, said Jitipol Puksamatanan, senior director of the chief investment office at SCB Securities.
On Tuesday night, the S&P 500 decreased by 0.63 per cent amid investor concern over whether a new US economic stimulus package would be introduced. The Stoxx 600 meanwhile dropped by 0.55 per cent.
However, the International Monetary Fund (IMF) reported that the global economy this October was better than expected, as more businesses around the world have reopened.
The IMF also predicted that the global economy would recover by 5.2 per cent in 2021. Developed economies would recover by 3.9 per cent, while underdeveloped economies or emerging markets would recover by 6 per cent.
In financial markets, the US Ten-Year treasury yield decreased by 5 basis points to 0.73 per cent, while the dollar index recovered by 0.5 per cent. The Australian dollar weakened the most. The gold price was $1,891 (Bt58,928) per ounce.
In Thailand, the baht moved in line with the yuan as the market expected the People’s Bank of China to take measures to stimulate its economy.
Jitipol said the market’s “risk on” state on Wednesday was not a positive factor for the baht, so it is possible the Thai currency would weaken in the short term.