Tuesday, November 3, 2020

Baht moving in narrow range as investors watch US election closely

  The baht opened at 31.12 to the US dollar on Tuesday, strengthening from 31.15 at close on Monday.

The Thai currency on Tuesday is likely to move between 31.05 and 31.25, said Jitipol Puksamatanan, senior director of the chief investment office at SCB Securities.

On Monday night, the global financial markets recovered. The S&P 500 index rebounded 1.2 per cent from rise in tech stocks, while the Stoxx 600 index increased by 1.6 per cent.

The price of WTI crude oil recovered by 3.3 per cent, after Opec+ signalled that oil production would not be increased in January 2021.Besides, gold price recovered to $1,895 per ounce.

The senior director mentioned that the US election was the most interesting point for investors at this time. The dollar index rose by 0.2 per cent, and the US Ten-Year Treasury decreased by three basis points to 0.84 per cent.

In Thailand, the baht tended to move in a narrow range, due to investors’ caution before the US election, which could spread financial fluctuation in the market.


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