Upsurge in Covid-19 cases in Thailand could weaken baht

[webfact]

Upsurge in Covid-19 cases in Thailand could weaken baht

By THE NATION

 

 

The baht opened at 29.92 to the US dollar on Monday, weakening from 29.82 at close on Friday.

 

The Thai currency is likely to move between 29.85 and 30.05 on Monday and between 29.75 to 30.25 this week, said Jitipol Puksamatanan, senior director of the chief investment office at SCB Securities.

 

Jitipol said the baht could weaken to Bt30 per US dollar, from the new Covid-19 cases in Thailand. However, investors’ view of the virus situation was more positive than before, as we were approaching soon the new year and a vaccine was likely to be available soon.

 

This week, the markets were saturated with news on the Covid-19 situation, as well as lockdowns across the world. However, the coronavirus has not pushed the VIX index to increase from its present level of 21.57 points.

 

Jitipol advised investors to monitor the meeting of the Thai central bank's Monetary Policy Committee on Wednesday. He added that the committee would possibly maintain the interest rate at 0.50 per cent.

 

He added that the Conference Board Consumer Confidence Index in the US was another data to be monitored. If the index falls below 97 points due to the market’s concerns about Covid-19, the dollar would possibly recover in the short term.

 

In the financial markets, trade was run on the assumption of the dollar tending to weaken and US fiscal policy being relaxed. The price of Bitcoin soared to over $23,000 (Bt690,011) per bitcoin, while the US Ten-Year Treasury yield rose to 0.95 per cent.

 

Source: https://www.nationthailand.com/news/30399938

 

 

-- © Copyright The Nation Thailand 2020-12-21

 

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[1Gringo]

these exchange rate changes are so small as to be insignificant.  let's get the Baht back to 40 to the US dollar, shall we?

[cel67]

The key line in the article 

 

The price of Bitcoin soared to over $23,000 (Bt690,011) per bitcoin. 

 

Bitcoin safe haven

US dollars monopoly money

 

 

[hotchilli]

3 hours ago, 1Gringo said:

these exchange rate changes are so small as to be insignificant.  let's get the Baht back to 40 to the US dollar, shall we?

GBP back to 50+

[thailand49]

They can't admit to what the U.S. Treasury accusing them to weaken the baht so they latch on this the Virus. So more virus the weaker?  ????????  hell <deleted>  greedy let's go with the Virus.

[trainman34014]

I don't believe that even a Nuclear Explosion could weaken the Baht !

[digger70]

6 hours ago, webfact said:

Upsurge in Covid-19 cases in Thailand could weaken baht

Load of cr@p ,,,, up today.

[Isaan sailor]

Baht has a long way to go to get to normal.  Vietnam is laughing at Thailand. They will eat Thailand’s lunch.

[Guderian]

8 hours ago, webfact said:

Upsurge in Covid-19 cases in Thailand could weaken baht

 

...and waterbuffaloes may fly, but wishes ain't fishes, sadly. 

[Farang99]

17 hours ago, 1Gringo said:

these exchange rate changes are so small as to be insignificant.  let's get the Baht back to 40 to the US dollar, shall we?

If only!

[thailand49]

12 hours ago, Isaan sailor said:

Baht has a long way to go to get to normal.  Vietnam is laughing at Thailand. They will eat Thailand’s lunch.

Hope that is the case but Vietnam is also on the Treasury list.

[connda]

On 12/21/2020 at 12:05 PM, webfact said:

Upsurge in Covid-19 cases in Thailand could weaken baht

... but more than likely will not.

[Henryford]

What compared to the millions of Covid cases in Europe and the US. The baht will get stronger.

[Natai Beach]

On 12/21/2020 at 7:41 PM, Isaan sailor said:

Baht has a long way to go to get to normal.  Vietnam is laughing at Thailand. They will eat Thailand’s lunch.

BS 
 

Thailand wins in nearly every measure, GDP, average wage, foreign reserves, infrastructure, foreign investment  etc etc.
The baht isn’t high because the Thais are failing. It is because they keep winning.