The Thai currency would move between 31.15 and 31.35 today, said Jitipol Puksamatanan, head of markets strategy at SCB Securities.
Yesterday, the S&P 500 increased by 2.01 per cent, while the Stoxx 600 rose by 1.26 per cent due to a recovery of tech stocks and investors’ hopes that the US economy would move forward.
A US job openings and labour turnover survey (JOLTS) yesterday showed 6.62 million new jobs in the US market, signalling that most private companies have returned to the market after being closed because of the Covid-19 crisis.
Meanwhile, the US and German Ten-Year Treasury yield rose to 0.70 per cent and -0.45 per cent, respectively, after the market found itself in a “risk on” state.
The dollar weakened by 0.4 per cent compared to other currencies, with the Canadian dollar performing the strongest
Jitipol advised investors to monitor a key European Central Bank (ECB) meeting today.
He said the baht strengthened in line with a recovering capital market. Moreover, foreign investors made strong purchases of Thai bonds.
He expected the Thai currency to trade in a narrow band before the ECB meeting.