Thai baht opened this morning (Feb. 15) at 29.90 baht per dollar. Depreciated from the close of the business day before 29.88 baht per dollar.
Dr. Jitipon Pruksa Metanan Head of investment strategy team EASY INVEST, Siam Commercial Securities (SCBS) opened on Thai baht opened this morning (Feb. 15) at 29.90 baht per dollar. Depreciated from the close of the business day before 29.88 baht per dollar. By assessing the Thai baht framework between 29.80-30.00 baht per dollar.
This week (15-19 February) we recommend following the announcement of economic growth figures (GDP) of Thailand and Japan. The US side has released retail numbers.
Starting Monday morning (Feb. 15), Japan’s fourth-quarter GDP is expected to expand 2.4% from the previous quarter. The economic recovery slowed towards the end of the year due to the resurgence of the novel coronavirus outbreak. On the Thai side, the market is expected to expand by 0.8% qoq. This was a 5.4% contraction compared to the same period last year.
On Wednesday (Feb. 17), retail sales are expected to recover 0.7% compared to the end of last year thanks to government subsidies. Along with car sales recovering at the beginning of the new year
The money market side In the short term, the dollar depreciates once again. By this week Believe that the market will return to keep an eye on the fiscal policy. Minutes of the latest FOMC meeting to be announced on Wednesday (17 February) include movements in the capital markets. We believe that this week may not be finalized on the stimulus plan, while the FOMC discusses the timing of future QE cuts, it could pressure the market to stabilize and the dollar back.
For the Dollar Index this week, it is expected at 90.00-91.00 points from the current level of 90.45 points.
The baht during this period moved in a narrow frame. Despite more exporters returning to the market, foreign investors have gradually sold Thai stocks and bonds (Bond) this week to keep an eye on GDP figures. It is believed that if it is not worse than expected, it will encourage the baht to stabilize in accordance with other Asian currencies. Or have foreign capital back in May have to wait after the vaccine distribution begins and see a resurgence of the entire Asian manufacturing sector first
The baht weekly currency frame is forecast to move in the range of 29.65-30.15 baht per dollar.
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