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Political tensions, US data hold key to baht's direction next week

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Political tensions, US data hold key to baht's direction next week





Kasikornbank predicted the baht would move between 30 to 30.40 per US dollar next week, with several factors requiring monitoring by investors.



The bank said that the political situation in Thailand, as well as export data for October to be announced in the near future, would need to be monitored.


An important economic number for the US is the consumer confidence index in November, core durable goods orders, new residential sales, and the inflation rate.


Kasikornbank said that the market was still closely watching the Covid-19 situation.


On Friday, the baht closed at 30.29 per US dollar, strengthening from the opening 30.27. However, it was still weaker than the 30.22 on Friday.


On the same day, the Bank of Thailand (BOT) liberalised Thai investments in foreign securities and the holding of foreign currencies in a bid to rein in the strengthening baht


Under new BOT measures, Thais are allowed to freely open foreign currency deposit accounts (FCD) and can freely make transactions between FCD accounts. Besides, the measures will enable exporters to effectively manage liquidity and foreign exchange risk.


Source: https://www.nationthailand.com/news/30398348?utm_source=category&utm_medium=internal_referral




-- © Copyright The Nation Thailand 2020-11-22


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11 hours ago, Isaan sailor said:

Either Thailand likes a strong Baht, as a source of national pride—or, the strong Baht a consequence of carelessly allowing foreign. Inflows to overwhelm the economy.

They like a strong baht to save face !

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