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Baht weakens amid dollar pressure

Baht weakens

The baht opened at 31.34 to the US dollar today (September 3), weakening from yesterday’s close of Bt31.22.

The Thai currency would move between Bt31.28 and Bt31.48 today, said Jitipol Puksamatanan, head of markets strategy at SCB Securities.

Yesterday, the S&P 500 rose by 1.5 per cent, while the Stoxx Europe 600 increased by 1.7 per cent after US and EU central banks decided to implement relaxed policies.

In the US, the ADP employment change increased from the previous month by only 428,000 positions. This change was expected to reach one million positions.

In financial markets, the US and German Ten-Year Treasury yields decreased to 0.63 per cent and 0.47 per cent, respectively.

This movement strengthened the dollar by 0.3 per cent, compared to other main currencies.

Also, it pressured the price of commodities and WTI crude oil down, by a respective 1.3 and 2.7 per cent.

Jitipol said the baht has continued to weaken due to pressure from the dollar, in line with other currencies.

However, there has been reduced concern over politics and protests affecting the Thai currency.

In the short term, the strategist advised investors to monitor the situation in the capital market.

He added that the dollar would strengthen substantially if the market went into a “risk off” state.

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