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Baht strengthens as US election watched closely
NationalNov 05. 2020
By THE NATION
The baht opened at 31 to the US dollar on Thursday, strengthening from 31.13 at close on Wednesday.
The Thai currency is likely to move between 31.09 and 31 on Thursday, said Jitipol Puksamatanan, senior director of the chief investment office at SCB Securities.
Financial markets recovered worldwide. The S&P 500 and Stoxx 600 indices increased by 2.2 per cent and 2.1 per cent, respectively.
Despite the sensitive US election situation in which votes are still being tallied, some investors believed that a new US stimulus package would be announced, whether by Donald Trump or Joe Biden, Jitipol said.
The VIX index meanwhile decreased from 36 points to 29 points.
On Thursday, the Bank of England and the US Federal Reserve will hold monetary committee meetings. The interest rate in the UK and the US is 0.10 per cent and between 0 and 0.25 per cent, respectively.
The dollar weakened by 0.2 per cent. The US Ten-Year Treasury yield was also down by 12 basis points to 0.78 per cent, while the WTI crude oil price rose by 3.6 per cent.
In Thailand, the baht strengthened in line with Asian markets and currencies. The Thai currency will continue to strengthen if Biden becomes the new president, and will weaken in case Trump is re-elected, Jitipol forecast.
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