Bath steady as markets eye backdrop of business activities


The bath opened at 32.45 for the US dollar on Wednesday morning (April 29), unchanged from Tuesday’s close. 

The baht is expected to move between 32.35 and 32.55 to the dollar on Wednesday, SCB Securities senior market strategist Jitipol Puksamatanan said. 

On Tuesday night, the S&P 500 shed 0.5 per cent, while the US Ten-Year Treasury yields fell to 0.61 per cent. Also, the market had no clear direction. 

The US Fed would adapt its view towards the current economic situation at the Federal Open Market Committee (FOMC) meeting this week, since those economic numbers have been in negative zone after the last meeting, the strategist added. 

Meanwhile, the baht and other Asian currencies would be stable in a narrow range. In the short term, the dollar’s buying power this month-end would support the market. 

In the next stage, the financial market would focus on the direction of those companies to reopen. If the social view towards the Covid-19 crisis was controlled properly, capital would flow back to Asian markets, he said.