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Baht expected to move in a narrow range until US election
EconOct 30. 2020
By The Nation
The baht opened at 31.23 to the US dollar on Friday, unchanged from Thursday’s close.
The Thai currency on Friday is likely to move between 31.20 and 31.40, said Jitipol Puksamatanan, senior director of the chief investment office at SCB Securities.
He said the S&P 500 and Nasdaq indices rose by 1.2 per cent and 1.6 per cent, respectively, after strong US economic data and announcement of third-quarter profit by large companies.
“The US third-quarter gross domestic product [GDP] rose by 33.1 per cent quarter on quarter, private consumption rose by 40.7 per cent, and initial jobless claims dropped to 751,000 positions, better than most analysts expected,” he said.
He said the Bank of Japan recently decided to maintain its short-term interest rate at minus 0.1 per cent and expected the country’s economy next year to recover by 2.6 per cent.
“Meanwhile, the European Central Bank signalled that it would initiate additional monetary policies to stimulate the economy amid the Covid-19 outbreak,” he said.
He said the US 10-year bond yield rose by 8 basis points to 0.84 per cent and the dollar strengthened by 0.5 per cent due to the positive factors, causing the price of oil and gold to drop by 3.5 per cent and 0.5 per cent respectively, as well as the Australian dollar and Japanese yen to weaken.
“Therefore, we expect the baht in the short term to move in a narrow range until the US presidential election next week,” he added.
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