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Baht expected to continue strengthening until 2021
NationalNov 20. 2020
By THE NATION
The baht opened at 30.37 to the US dollar on Friday, strengthening from 30.40 at close on Thursday.
The Thai currency is likely to move between 30.30 and 30.50, said Jitipol Puksamatanan, senior director of the chief investment office at SCB Securities.
On Thursday night, the S&P 500 index rose by 0.4 per cent, riding on tech stocks in the US market, especially Tesla which has reached a new high.
However, the International Monetary Fund (IMF) warned that the global economy was still in crisis, and the rise in the stock market would be a risk in financial stability in the future. The initial jobless claims in the US lately increased by 742,000 positions, reflecting the slow recovery in the US market.
In the financial markets, the dollar strengthened, while the US Ten-Year Treasury decreased by 2.3 basis points to 0.85 per cent. These developments were in the backdrop of the Covid-19 situation, which has made several countries go for another round of lockdowns.
In Thailand, the baht weakened in a narrower range. In the short term, Jitipol advised investors to monitor Bank of Thailand (BOT)’s measures to deal with speculation on the baht. He said the baht would continue strengthening until 2021, if foreign investors still decided to invest in Thailand.