webfact Posted November 18, 2020 Share Posted November 18, 2020 Baht weakens just before BOT monetary policy meet By THE NATION The baht opened at 30.19 to the US dollar on Wednesday, weakening from 30.16 at close on Tuesday. The Thai currency is likely to move between 30.10 and 30.30, said Jitipol Puksamatanan, senior director of the chief investment office at SCB Securities. On Tuesday night, the US stock market decreased. The S&P 500 contracted by 0.5 per cent, while the Stoxx 600 was down by 0.2 per cent due to investor concern about the Covid-19 situation. At the same time, the US financial market went into a “risk-off” state again after Federal Reserve Chairman Jerome Powell said Covid-19, for which a vaccine was nearing development, would not affect the economy in the long term. However, he added that employment would take a long time to recover to its normal level. The US Ten-Year Treasury yield meanwhile decreased by 3.4 basis points to 0.87 per cent, and the dollar weakened by 0.1 per cent, compared to other main currencies. In Thailand, the baht moved in a narrow range before the Bank of Thailand’s monetary policy committee was due to meet on Wednesday. Observers believe the central bank will implement more relaxed monetary measures to stimulate the economy, but these policies may tend to weaken the baht, Jitipol said. Source: https://www.nationthailand.com/news/30398142 -- © Copyright The Nation Thailand 2020-11-18 - Whatever you're going through, the Samaritans are here for you - Follow Thaivisa on LINE for breaking COVID-19 updates Link to comment Share on other sites More sharing options...
keith101 Posted November 18, 2020 Share Posted November 18, 2020 Really 3 satang isn't even worth mentioning and makes very little difference the reason being that as usual it will more than likely go 4 satang the other way . 1 1 Link to comment Share on other sites More sharing options...
2530Ubon Posted November 18, 2020 Share Posted November 18, 2020 16 minutes ago, webfact said: Observers believe the central bank will implement more relaxed monetary measures to stimulate the economy, but these policies may tend to weaken the baht, Jitipol said. Those observers need their heads examined. When has the BOT ever intervened? They talk a lot about pulling levers and enacting policies, but at the end of the day, nothing gets done. Sort it out. 1 1 Link to comment Share on other sites More sharing options...
OJAS Posted November 18, 2020 Share Posted November 18, 2020 4 hours ago, 2530Ubon said: Those observers need their heads examined. When has the BOT ever intervened? They talk a lot about pulling levers and enacting policies, but at the end of the day, nothing gets done. Sort it out. I can only surmise that the major stumbling block to getting anything done is the BOT Governor's inflated ego, which means that he sees his key role as being to brag constantly to his counterparts in this part of the world and beyond about how much more successful he is when compared to them in keeping the value of the currency for which he is responsible artifically high!???? 1 Link to comment Share on other sites More sharing options...
hotchilli Posted November 18, 2020 Share Posted November 18, 2020 6 hours ago, keith101 said: Really 3 satang isn't even worth mentioning and makes very little difference the reason being that as usual it will more than likely go 4 satang the other way . Could have waited till the start of next month... I would have rushed out to buy a sherbet lemon. 1 Link to comment Share on other sites More sharing options...
Eric Loh Posted November 19, 2020 Share Posted November 19, 2020 On 11/18/2020 at 10:38 AM, 2530Ubon said: Those observers need their heads examined. When has the BOT ever intervened? They talk a lot about pulling levers and enacting policies, but at the end of the day, nothing gets done. Sort it out. The last time BOT intervened robustly, it resulted in financial meltdown that spread to other countries and WB has to bail them out. Wiser heads will allow the fundamentals to determine exchange rates. Thailand don't have that much of reserves to influence the value of the Baht. Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now