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Impact on dollar from US jobs situation to determine bahts direction
The baht opened at 31.22 to the US dollar on Friday, weakening from the previous close of 31.15. The Thai currency is likely to move between 31.20 and 31.30 during the day, Krungthai Bank market strategist Poon Panichpibool said.
He said the strengthening of the dollar was affecting the baht.
The market strategist added that the US Nonfarm Payrolls (NFP) would be a factor in the movement of the dollar and the baht.
He predicted that if the NFP surpassed observers’ expectations, or was equal to at least 900,000 employment positions, the dollar would strengthen, as it would signal a strong rebound of the US economy. Such a scenario will pressure the US Federal Reserve to reduce its support for financial liquidity.
However if the NFP is below expectation, with only around 300,000 jobs, the markets would move into risk-off state, due to concerns about inflation rate due to an employment problem in the US.
Poon forecast that the baht would not weaken sharply, as the currency was still supported by funds of foreign investors in Thailand.
Poon also said that the Covid-19 vaccine distribution would be a key factor for investment. He believed that if the vaccine was distributed without any interruption, more people would invest in the Thai stock market, strengthening the baht in the next quarter.
Published : June 04, 2021
By : The Nation