Baht Defies Global Market Volatility: Thai Currency Strengthens Amid Flat Dow Jones and WTI Swings
Medium Term Trend
In the medium term, S50U24 is expected to swing upwards. Key support levels include 903, 893, 885, and 878, while resistance levels are at 912, 920, 930, 943, and 960. If S50U24 can maintain a price above 903, it may swing up to the resistance at 912/920. Conversely, if it fails to stay above 903, it may turn down to the 893/885 support.
Medium Term Strategy (Week)
Recommend opening a long contract S50U24 at 903 and closing the position at the 913/918 resistance level with a stop loss point at 798. For those who opened long in S50U24 at 912, it is recommended to close the position at the resistance level 920/930 with a stop loss point at 907.
SET50 Short-Term Futures Trend (Intraday)
Last Friday, S50U24 fell down, reaching a high of 921.4, alternating with swings down to a low of 909.5, with S50U24 erasing stronger than the index, causing the basis between S50U24 and SET50 to reach a level of -3.29 points.
Evaluate the contract: S50U24 may vary.
Short Term Strategy (Intraday)
It is recommended to open a long contract S50U24 at the support level of 908 and close the position at the resistance level of 913/918 with a stop loss point of 903.
For those who opened long at the 916-916.8 support level, they may have closed their position at 921, or if they opened again in the afternoon at 916, they may have closed their position at 911.
Important Factors
Factors Affecting SET50
Yesterday, the Dow Jones closed slightly positive by 38 points (+0.09%), closing at 42,063 points and is expected to cut interest rates by another 0.5% at its meeting in November. The Fed Watch Tool puts 50% pressure on the Fed to cut interest rates another 0.75% by the end of the year. An increase of 41.3% since the previous week.
As for the direction of WTI oil prices in October, it closed slightly down 0.03 US dollars/barrel (-0.04) to 71.92 US dollars/barrel. Investors expect the Fed’s interest rate cut to stimulate demand for oil and the increasingly violent situation in the Middle East. There were shooting attacks between Heshbollah and Israel on Sunday.
In the direction of the US dollar/baht, it continues to strengthen. Most recently it was 32.91 baht / US dollar.
Factors to Monitor in the Short Term
Tonight, follow S&P Global’s September US manufacturing PMI report. The market expects 55.3 In addition, follow important factors on Friday evening, following the US PCE Core Price Index.