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The direction of the baht weakens further, it can touch 31.40 baht per dollar, ‘Bitcoin’ remains strong.
Mr. Jitipon Pruksa Metanan Head of the Investment Strategy Team, EASY INVEST, Siam Commercial Securities (SCBS) It revealed that the baht inaugurated this morning, March 31, was 31.31 baht per dollar. Depreciated from the close of the business day before 31.25 baht per dollar
Evaluation of the Thai baht mark during the day 31.20-31.40 baht per dollar
Overnight, financial markets around the world swung widely, and the US S&P 500 failed to hit a new high, so it fell 0.32% and investors cut their holdings in the tech sector. In contrast to Europe’s STOXX 600 index, it was up 0.71% due to a business revival that is expected to benefit from the economic reopening.
Such a problem Encourage investors to sell safe assets at the same time. The Yale US Ten-Year Bond was observed to rise to 1.77% during the day before slipping, adding 2bp to 1.72%, pushing the dollar index up 0.4%. New since November 2020, with the Japanese yen (JPY) falling above 110 yen to the dollar for the first time since March 2020.
At the same time, gold prices fell to close at $ 1,684 an ounce. In the alternative asset class, only Bitcoin has rallied above $ 58,000 in hopes that the US SEC will certify the establishment of Bitcoin ETFs by many companies. It is expected to generate an increase in demand for cryptocurrencies.
The baht is still weakening every day in line with the trend of the dollar. Both local financial institutions and importers can buy dollars (sell baht).
Meanwhile, exporters’ dollar sales slowed due to shortages of raw materials and shipping vessels. Therefore, the baht continued to depreciate.
In the next phase, we see the direction of Bond Yeele, the US, and the Asian stock market as two areas to look out for. Because it will result in a negative and positive exchange with the baht
“The baht is expected to stop depreciating only when the market returns to believe in the Asian economic recovery. And there is a clear flow of capital, ”said Jitipol.
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