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Baht unchanged as yen strengthens against dollar
NationalOct 28. 2020
By THE NATION
The baht opened at 31.25 to the US dollar on Wednesday, unchanged from its close on Tuesday.
The Thai currency is likely to move between 31.20 and 31.40 on Wednesday, said Jitipol Puksamatanan, senior director of the chief investment office at SCB Securities.
The S&P 500 and Stoxx 600 indices on Tuesday night decreased by 0.3 and 0.9 per cent, respectively. However, the Nasdaq recovered by 0.6 per cent, pointing out that investors are concerned about the outcome of the US presidential election and the re-emergence of Covid-19, he said.
Jitipol estimated that tech stocks would be the least affected.
Also, the present market situation is seeing investors park their money in bonds.
The US Ten-Year Treasury yield has decreased by 3.5 basis points to 0.76 per cent, and in Europe the value of bond yields has been dropping. Italian and German Ten-Year Treasury yields are at -0.63 and 0.69 per cent, respectively, he said.
In the financial market, the yen strengthened over the dollar. This provide support to Asian currencies, including the baht, which helped them not to weaken sharply on Wednesday morning despite the market being in a “risk-off” state. The Asian currencies would move in a narrow range, Jitipol added.
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