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Baht weakens, analyst advises investors to monitor market direction


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Baht weakens, analyst advises investors to monitor market direction

By THE NATION

 

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The baht opened at 30.29 to the US dollar on Thursday, strengthening from 30.34 at close on Wednesday.

 

The Thai currency is likely to move between 30.20 and 30.40, said Jitipol Puksamatanan, senior director of the chief investment office at SCB Securities.

 

On Wednesday night, the S&P 500 and Stoxx 600 decreased by 0.1 and 0.2 per cent, respectively. This came amid investor concern that the US economy would recover slowly. Another factor was several EU countries deciding to lock down until the end of the year.

 

The US announced that its gross domestic product in the third quarter grew by 33.1 per cent from the previous quarter. At the same time, there were 778,000 US initial jobless claims this week, Jitipol noted.

 

Meanwhile, the US Ten-Year Treasury yield decreased by 1 basis point to 0.88 per cent, while the dollar continued to weaken, hitting the lowest level since April 2018. This came on the heels of the Federal Reserve stating that it would purchase more assets in the near future.

 

Jitipol said an obvious change will not take place in Thailand in the short term due to the weakened dollar and selling power of risk assets in the market.

 

He said foreign investors had recently sold the bonds they held to buy stocks in Thailand. He advised investors to monitor the stock market direction, which could weaken the baht. The baht would move within the frame of 30.70 per US dollar this quarter, he added.

 

Source: https://www.nationthailand.com/news/30398602

 

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-- © Copyright The Nation Thailand 2020-11-26
 
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1 hour ago, Bangkok Barry said:

Today's ThaiVisa headlines

 

Screenshot 2020-11-26 174611.jpg

 

Even just within this one story:

 

Baht weakens, analyst advises investors to monitor market direction

By THE NATION

 

The baht opened at 30.29 to the US dollar on Thursday, strengthening from 30.34 at close on Wednesday.

  • Haha 1
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From Oanda:

USD to THB

24 Nov...30.2736

25 Nov...30.3259

26 Nov....30.2882

 

Up and down like the proverbial whore's draws.....difference over 3 days between highest and lowest is 5 satang a movement of 0.0165%. Typical saw tooth graph, except the fall off the cliff from November 4th to 14th. I wonder why?

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15 hours ago, keith101 said:

If the exchange rate ever gets back over 32 baht then they can say something but 5 satang is neither here or there just the usual daily fluctuations .

Look after the satongs and the baht will look after their selves.

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22 hours ago, Eddy Ozark said:

When the crash comes it's gonna be a big one. I hear this from Thai businesspeople.

Thailand was slowly losing its manufacturing industry, pre Covid. 

 

Declining manufacturing.  Decimated tourism industry.  Declining and competitive markets for the agriculture sector.  A stalled property market. 

 

There will be a crash, and guess who will be there to prop up the Thai economy, for a price, China.     

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