Mr Poon Panitchpibun, money market strategist, Krungthai GLOBAL MARKETS, Krung Thai Bank sees the baht value frame this week at 36.50-37.25 baht / dollar and the baht frame today (29 Apr 24) is expected to be at 36.50-37.25 baht / dollar At the level of 36.90-37.10 baht/dollar from today’s morning’s opening level of 36.98 baht per dollar, “slightly weakened”
from the previous week’s closing level of 36.95 baht per dollar. Since last Friday, the baht has fluctuated and weakened somewhat. (Oscillation in the range of 36.90-37.05 baht per dollar) in the direction of the dollar and gold prices, with the dollar gradually appreciating. This follows the continued depreciation of the Japanese Yen (JPY) after market players were disappointed with the results of the Bank of Japan (BOJ) meeting and the Japanese authorities did not intervene in the currency. Since the Yen weakened in the past the level of ¥155 per dollar. As market players were concerned, the strengthening of the dollar also put some pressure on gold prices. The players in the market are still waiting for that moment to gradually buy gold. And the flow of gold buying transactions also contributes to weakening the baht fluctuations.
In terms of the trend of the baht, we believe that the momentum on the devaluation side has slowed. But we must keep an eye on the direction of the dollar which could still put pressure on the baht. As for Flow that pays dividends to foreign investors of about 12 billion baht), it is still a factor that causes the volatility of the baht to depreciate. As for foreign investors’ fund flow, they may gradually return to buy some Thai assets. Reducing pressure on the baht You should keep an eye on the direction of gold prices. and the value of the Japanese yen (that can vary greatly If the Japanese authorities really interfere in the value of the currency as far as the market is concerned)
Regarding the dollar, we believe that the dollar could strengthen. If the US economic data report has come out better than expected And the Fed begins to indicate that there is an opportunity to “raise” interest rates if necessary The dollar may also receive some support. If the Japanese yen continues to depreciate without any intervention by the Japanese authorities in the value of the currency.
For this week We evaluate that You should be careful of fluctuations during the period when the market is gradually aware of the results of the Fed’s FOMC meeting and reports of important US economic data such as the amount of non-agricultural employment (Nonfarm Payrolls ), and so forth.
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