The movement of the Thai baht this morning continues to appreciate continuously. Most recently, the record value has surpassed 33.925 baht per US dollar. It was a quick appreciation. And the highest record in 8 months from April 2022, in the view of financial analysts that This appreciation comes from gold profit taking. After the price continued to rise At the same time, the economic recovery will be a major factor causingbahtcontinuous appreciation
Mr. Poon Panichphiboon, money market strategist, Krungthai GLOBAL MARKETS Krung Thai Bank Revealed that the trend of the baht The rapid appreciation of the baht Mainly driven by the gold profit taking transaction flow. After the price of gold continued to rise near $ 1,870 per ounce.
In addition, the baht was supported by the purchase of Thai assets, including short-term bonds. with net purchases by foreign investors of more than 16.5 billion baht the previous day Part of this may be adding a short USDTHB position or looking at the appreciation of the baht. of foreign investors Amid the hope that the tourism sector will continue to recover following the return of Chinese tourists. If the supporting factors have not changed
But be careful in case the dollar may gain some strength. If the US labor market data today, including Friday, The non-farm payrolls report came out much better than expected. Some players may gradually take profit on short USDTHB positions following the baht starts to appreciate near the new important support zone around 33.75-33.80 baht per dollar. Look at the baht frame today. expected to be at the level of 33.75-34.00 baht / dollar
in the currency market The dollar moved volatilely. with the dollar depreciating slightly After minutes of the latest Fed meeting Indicates that Fed officials are supportive of moving forward with a slower rate. To reduce risks to the economy, recently the dollar index (DXY) has dropped near 104.2 points. has helped support the price of gold As for gold futures, COMEX for February delivery was able to swing near $1,860 an ounce. Despite being pressured by financial market risk exposure This causes market players to continue to gradually sell and profit gold continuously. The price of gold hit a high of around $1,869 an ounce. before shrinking down a bit Such transaction flows contribute to the appreciation of the baht.
For today, market players will wait to see the US labor market data report, such as the number of initial jobless claims, including the number of continuous unemployment claims. in the Thai side We estimate that The recovery in domestic consumption, in line with the expansion of the tourism sector and consumer confidence, will contribute to Headline Inflation (CPI) in December accelerating to 5.9%, but inflation will not rise much This is because the price of energy products has dropped during December.
