Thai baht hits seven-year high

BANGKOK (The Nation/ANN): The Thai currency is likely to move between 29.75 and 29.95, said Jitipol Puksamatanan, senior director of the chief investment office at SCB Securities.

On Wednesday (Dec 16) night, the S&P 500 index rose by 6 per cent, the third consecutive day of gains.

The risk-on situation in the market caused the Stoxx 600 index and the price of WTI crude oil and gold to increase in the range of 0.3 to 1.3 per cent.

In the US, the initial jobless claim announced this week was around 885,000 positions, the highest number in three months.

Meanwhile, Ursula Gertrud von der Leyen, the European Commission’s president, signalled that the Brexit issue between the UK and EU was hard to reach an agreement on, as the UK and the EU have different point of views.

In the financial markets, the risk-on state increased the Ten-Year Treasury yield by two basis points to 0.94 per cent. The dollar moreover weakened by 0.5 per cent, compared to other main currencies.

Jitipol said that the market situation was a factor behind the strengthening of the baht, in addition to investors’ concerns about the US placing Thailand on its monitoring list for currency manipulation.

He added that the baht in the next quarter would rise to Bt29.30 per US dollar. - The Nation/Asia News Network

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