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Baht unchanged amid stock market rise (nationthailand.com)

Baht unchanged amid stock market rise

EconDec 09. 2020

By The Nation

The baht opened at 30.04 to the US dollar on Wednesday, unchanged from the previous day’s close.

The Thai currency is likely to move between 29.95 and 30.15, said Jitipol Puksamatanan, senior director of the chief investment office at SCB Securities.

On Tuesday night, the S&P 500 Index rose by 0.3 per cent amid progress in US financial policy, while the Stoxx 600 Index increased by 0.2 per cent as the ZEW Investor Sentiment Index in December hit 55 points, higher than the market expectation of 46 points.

However, the financial market didn’t open in a risk state as the US ten-year Treasury bond yield was unchanged at 0.91 per cent, while the dollar recovered slightly after positive news of a US economic stimulus package, Jitipol said

Meanwhile, the baht strengthened to near the strongest point of the year – at 30 to the dollar – due to mass sell-offs of the currency by exporters, while some foreign investors have gradually sold bonds to purchase Thai shares for the remainder of the year as they expect the economy to recover, he said.

“We still believe the baht will weaken once the stock market faces a correction,” Jitipol added.