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Baht unchanged, ‘likely’ to strengthen in long term
NationalOct 15. 2020
By THE NATION
The baht opened at 31.17 to the US dollar on Thursday, unchanged from the previous close on Wednesday.
The Thai currency is likely to move between 31.10 and 31.30 on Thursday, said Jitipol Puksamatanan, senior director of the chief investment office at SCB Securities.
On Wednesday night, the S&P 500 index decreased by 0.66 per cent after US Treasury Secretary Steven Mnuchin said discussions on financial policies cannot be concluded before the election next month. At the same time, the Stoxx 600 index shrank by 0.09 per cent after UK Prime Minister Boris Johnson signalled to the EU that Britain wanted to proceed with Brexit discussions.
In financial markets, the US Ten-Year Treasury yield closed at 0.72 per cent, while the dollar weakened by 0.2 per cent compared to other main currencies. This situation led to an increase in the price of gold, to $1,900 (Bt59,134) per ounce, while the WTI crude oil price increased by 0.56 per cent.
Jitipol predicted the baht would move in a wide range as foreign investors decided to hold lower-risk assets after an increase in political instability around the world.
He said an economic recovery would be the main factor influencing the market, and the dollar would weaken in the “risk on” state of the future market. Under this assumed situation, Asian currencies, including the baht, would strengthen in the long term, Jitipol added.