SET likely to react next week to Saturday's pro-democracy rally in Bangkok

[rooster59]

SET likely to react next week to Saturday's pro-democracy rally in Bangkok

By The Nation

 

 

Experts are predicting mass sell-offs of gold next week due to the current economic climate.

 

 

The baht weakened against the dollar this week (September 14-18), as investors were disappointed with the US Federal Reserve's recent moves.

 

The Fed recently indicated it would maintain the interest rate at a low level for three years, but it did not unveil any measures to stimulate the economy.

 

An analyst at CIMB Thai Bank expected the baht next week to move between Bt31.00 and Bt31.40 against the dollar.

 

"Next week, the People's Bank of China would announce the loan prime rate for September, while the US IHS Market would announce the Flash Manufacturing and Service Purchasing Managers' Indices for September," he said.

 

He advised investors to follow the US-China conflict after the World Trade Organisation reported that the US had violated international trade rules regarding tariffs on Chinese imported goods.

 

The Stock Exchange of Thailand Index on Friday closed at 1,288.39, up 3.99 points or 0.31 per cent, while total transactions stood at Bt49.97 billion. The index moved in a narrow range this week.

 

An analyst at Asia Plus Securities expected the index next week to react to students' political rally on Saturday (September 19).

"Meanwhile, we expect the Monetary Policy Committee to maintain the interest rate at 0.5 per cent in line with the one-year Thai bond yield of 0.51 per cent at the meeting on September 23," he said. "The index is expected to move between 1,270 and 1,300."

 

Gold price on Saturday was US$1,950.50 per ounce while the price in Thailand was Bt28,650 per baht weight.

 

An analyst at YLG Bullion International advised sale of gold if the price does not rise above the resistance line between $1,960 and $1,973 per ounce, and buying back when the price drops to the support line between $1,936 and $1,931 per ounce.

 

Source: https://www.nationthailand.com/business/30394816

 

-- © Copyright The Nation Thailand 2020-09-20

 

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[4reaL]

Nicely.

Let's see how critical the Thai economy is on the world stage.

 

 

[tonray]

Again the Baht up against the dollar......it's almost comical that political instability in Thailand is 'trumped' by irresponsible government in America...never thought we'd see the day

[rumak]

3 hours ago, tonray said:

Again the Baht up against the dollar......it's almost comical that political instability in Thailand is 'trumped' by irresponsible government in America...never thought we'd see the day

 

"The baht weakened against the dollar this week (September 14-18),"

[tonray]

4 hours ago, rumak said:

 

"The baht weakened against the dollar this week (September 14-18),"

Really ?