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Capital inflows, weak dollar expected to keep baht strong in the short term
NationalNov 13. 2020
By THE NATION
The baht opened at 30.24 to the US dollar on Friday, strengthening from 30.28 at close on Thursday.
The Thai currency is likely to move between 30.15 and 30.35 on Friday, said Jitipol Puksamatanan, senior director of the chief investment office at SCB Securities.
On Thursday night, the financial market were in a risk-off state. The S&P 500 decreased by 1 per cent and Stoxx 600 by 0.9 per cent.
The markets reacted after both the Fed and the European Central Bank (ECB) signalled to investors that the Covid-19 vaccine update was not as positive as they had expected.
At the same time, the WTI crude oil price fell by 1.1 per cent, after the International Energy Agency estimated that total oil consumption this year would be 91.3 million barrels. And this consumption would possibly not increase in the next year.
The price of gold rose by 0.6 per cent due to purchases by small investors via exchange traded funds.
In the present situation, the US Ten-Year Treasury yield decreased by 9 basis points to 0.88 per cent. Investors this time have decided to invest in safe haven currencies, such as the Japanese yen or the Swiss franc, instead of the dollar.
In the short term, the baht will still be supported by the weakened dollar, recovering currencies in emerging markets, and capital flowing from other countries to Thailand. However, in the long term, Jitipol warned investors to be careful amid changing situations at the end of this year.
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