Baht Strengthens at Market Opening
18 September 2023
The value of the baht began the trading day on a positive note, strengthening against the US dollar at a rate of 35.73 baht per dollar. This came as a welcome development for investors, as the baht appreciated from its closing rate of 35.85 baht per dollar on Friday.
This rise in the baht’s value can be attributed to the weakening of the US dollar, prompted by the release of a survey from the University of Michigan. The survey reveals that the US Consumer Confidence Index dipped to 67.7 in September, falling short of analysts’ expectations of 69.1, down from 69.5 in August. In light of this, market participants eagerly await the Federal Reserve’s monetary policy meeting next week, where it is anticipated that interest rates will remain unchanged at 5.25-5.50% during the meeting on 19-20 September.
Foreign investors, however, took a cautious stance on Friday as they sold a net 404 million baht in the Thai bond market and a net 1,935 million baht in the Thai stock market.
Forecast for the Day
Financial experts anticipate that the value of the baht will continue to hover between the support level of 35.60 baht per dollar and the resistance level of 35.90 baht per dollar throughout the day.
Today (18 September 2023) the value of the baht opened the market and strengthened at 35.73 baht per dollar. The support level is 35.60 baht and the resistance level is 35.90 baht.
September 18, 2023, Money Market Business Department and International Transactions TMB Thanachart (ttb) revealed that the baht this morning opened at 35.73 baht per dollar. It appreciated from Friday’s closing price of 35.85 baht per dollar.
with the US dollar weakening After the release of a survey from the University of Michigan, it was said that the US Consumer Confidence Index fell to 67.7 in September, falling below analysts’ expectations of 69.1 from 69.5 in August, while investors will be watching on the Fed monetary policy meeting next week While it is expected that the Fed will maintain interest rates at 5.25-5.50% at its meeting on 19-20 September.
On Friday foreign investors sold a net 404 million baht in the Thai bond market and sold a net 1,935 million baht in the Thai stock market.
Forecast the value of the baht today Support / resistance is at 35.60-35.90 baht per dollar.
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