Baht follows Asian currencies trend

News
The baht opened at 31.31 to the US dollar on Friday, unchanged from Thursday’s close.

The Thai currency would move between 31.20 and 31.40 today, said Jitipol Puksamatanan, head of markets strategy at SCB Securities.

On Thursday night, the S&P 500 fell by 1.8 per cent, due to tech stocks coming under pressure. Also, the WTI crude oil increased by 2.6 per cent, pressuring the energy stocks.

In Europe, the Stoxx 600 moved in narrow range and closed negatively at 0.6 per cent, after the European Central Bank (ECB) resolved to freeze all of its monetary policies.

ECB president Christine Lagarde said that the strengthening of the euro lately was not a problem. She said that the EU economy this year would shrink by 8 per cent, and would recover 5 and 3.2 per cent respectively in 2021 and 2022.

In the financial market, the US Ten-Year Treasury yield decreased by 1.5 basis points to 0.68 per cent, while the German Treasury stayed at minus 0.44 per cent. The dollar strengthened, compared to the pound.

In Thailand, the baht moved in a narrow range, similar to other Asian currencies, and was supported by the bond trade of foreign investors. In addition, Thai investors have reduced investment in foreign countries, pressuring the Thai Ten-Year Treasury yield to 1.37 per cent.

https://www.nationthailand.com/news/30394360

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