Baht strengthens slightly

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The baht opened at 32.47 per US dollar this morning (April 20), strengthening from Thursday’s close of 32.51.

The baht will swing between 32.40 and 32.60 per US dollar today and 32.20 to Bt32.70 this week, said SCB Securities senior market strategist Jitipol Puksamatanan.

The financial market has seen less fluctuation, while the VIX index gradually decreased. In the short term, the dollar would be supported by a lower oil price.

However, the dollar strengthened slightly against Asian currencies. The Covid-19 situation in numerous countries has improved, blunting the selling power of risk assets.

Financial results and performance of registered companies worldwide are to be announced from today. Meanwhile, Japanese trade, exports and imports, decreased 11.7 per cent and 5 per cent, respectively.

On Wednesday, investors will need to monitor the Energy Information Administration’s crude oil inventories. Last week, inventories increased to 19 million barrels.

“If it continues to increase at this rate, it would pressure the oil price,” the strategist added.

Initial jobless claims were expected to drop to 4.5 million in the United States. However, this huge unemployment rate pointed to continued contraction of the US economy.