Covid market in Thailand As the US through economic stimulus measures Meanwhile, the baht weakened due to concerns about the COVID-19 epidemic. Within the new round of Thailand
Foreign exchange department Bangkok Bank reports that the movement of the foreign exchange market between 21-25 December 2020, the Thai baht market opened Monday morning (21/22) at 29.95 / 98 baht / US dollar. Weakened from Friday’s close (18/22) at 29.80 / 81 baht / US $.
The US dollar strengthened against major currencies after Senate Majority Leader Mitch McConnell. Revealed that Congress has reached an agreement to issue measures to stimulate the economy of $ 9 billion. The measure aims to cure people and businesses affected by the COVID-19 outbreak.
The Conference Board revealed that the Leading Economic Index (LEI) rallied 0.6% in November, having rebounded seven months in a row. And higher than expected 0.5%, the rise in the LEI was driven by a decline in the number of applicants for unemployment benefits. And an increase in new orders, house building permits. And the rebound of the stock market
On Wednesday, Congress was able to reach an agreement on $ 9 billion of economic stimulus measures to cure people and businesses affected by the COVID-19 outbreak.
Congress also approved a $ 1.4 trillion budget bill that will allow US government agencies to operate until September 30, 2021.
For key economic figures, the US Department of Commerce. Released the third quarter of 2020 gross domestic product (GDP) forecast, the last estimate. It said the US economy expanded 33.4%, a record high since the US began collecting data in 1947, and is better than expected, from the second estimate of 33.1%. That the US economy will grow 5% in the fourth quarter
However, the National Association of Real Estate Agents of the United States (NAR) revealed that second-hand home sales declined. After five straight months of rising, it dropped 2.5 percent to 6.69 million units in November, after reaching 6.85 million in October. And year on year Used home sales up 22.8% in November. The home stock market fell 22% to 1.28 million units in November.
But the dollar has weakened again after US President Donald Trump has not signed a $ 90 billion stimulus bill to mitigate the effects of the virus outbreak. COVID-19 It claims that the amount of cash checks that will be distributed to Americans will be increased from $ 600 to $ 2,000 and unnecessary expenditures are eliminated from the measure.
For the next step Congress may bring the bill back into consideration for amendments. But if Congress doesn’t do so Trump will have three options: sign the bill so that it enters law, uses Vito. Or do not take any action that will automatically bring the body into law.
For key economic figures, the US Department of Labor The number of applicants for first-time jobless benefits dropped to 803,000 last week. And below the forecast of 885,000 from the 892,000 reported the previous week. The US Department of Commerce said. Personal consumption expenditures (PCE) price index rose 1.1 percent in November. And year on year After rebounding 1.2% in October.
For the movement of the baht during this week Thai baht depreciates on market concerns about COVID-19 epidemic Within the new round of Thailand The case in Samut Sakhon Province is the most common case of infection since the outbreak in Thailand, Dr. Kiataphum Wongrajit, Permanent Secretary of the Ministry of Public Health (Ministry of Public Health) reported yesterday that in the past 24 hours Up to 576 new cases have been found, including 689 previously confirmed cases, and are expected to continue to increase through proactive search measures.
During the week, investors were worried about whether there would be a lockdown to stem the widespread outbreak. For the Monetary Policy Committee (MPC) meeting in December, the resolution was fixed as expected. Without signaling further policy easing and the MPC also revised its forecast for economic growth (GDP) for the year ’64 down to 3.2% from 3.6%. And the tourism sector should recover slowly
However, the baht appreciates again. After the COVID-19 Situation Management Center (FEC) did not announce the second lockdown, there was only a tight control over some areas. Over the past week, the baht moved within the range of 30.03-30.10 baht / US dollar. Before the market close on Friday (18/12) at 30.08 / 10 baht / US dollar.
For the movement of the euro The euro opens the market on Monday morning 21/12) at the level of 1.2210 / 12 USD / EUR. It was lower than Friday’s close (18/12) at 1.2248 / 51 USD / EUR. During this week The euro fell against the dollar amid concerns about the British coronavirus mutation, which has led to 70% faster transmission, bolstered holdings of secure assets.
As for the progress on the Brexit negotiations, EU chief negotiator Michelle Barnier told the EU’s 27 nations that the British proposal on fishing was unacceptable. Previously Barnier said the EU is making a final effort to reach a trade deal with Britain that will come into effect after Britain separates from the EU (Brexit).
The two sides, however, remain in conflict over fisheries, with the EU wanting to fish in British waters for another six years starting in 2021 after Britain began separating from the EU on January 1, 2021. In addition, the UK wants the EU to reduce its catch in British waters by 30% starting in 2021, but the EU wants to reduce the catch by just 25%.
However, Britain and the EU were able to reach a trade deal on Thursday night. European Commission President Ursula der Lieen said the deal was balanced and fair. During the week, the euro moved within the framework. 1.2169-1.2201 US Dollar / Euro And closed on Friday (18/12) at 1.2185 / 92 USD / EUR.
For the movement of the yen The yen opens Monday morning (21/12) at 103.47 / 49 yen / US dollar. It appreciated from Friday’s close (18/12) at 103.54 / 57 yen / US dollar. The yen is still held as a safe asset. Amid concerns about the number of COVID-19 cases Increasing around the world Tokyo has recorded more than 10,000 more infected in the past month.
While the Japanese Cabinet approved a draft budget for the year 2021, which is up to 106.61 trillion ne. During the week, the yen moved within the framework. 103.48-103.68 Yen / US Dollar And closed on Friday (18/12)% at 103.48 / 50 yen / US dollar.
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