2023-06-24 03:22:02
Kasikorn Research Center summarized the movement of the baht last week that The baht depreciated past the 35.00 level, reaching the lowest level in three and a half months at 35.28 baht per dollar. The baht fluctuated in a tight range early in the week ahead of the Fed chairman’s speech to Congress. However, the baht returned to depreciate in the middle to the end of the week. The US dollar strengthened following the Fed chair reiterated the prospect of two more rate hikes during the remainder of the year. If the US economy adjusted as expected by the Fed In addition, the baht is also negatively affected by capital outflows from foreign investors. and the depreciation of the yuan, which faced pressure from concerns over the fragile outlook of the Chinese economy. In addition, the Chinese government signaled additional monetary easing by cutting interest rates.
For the week of June 26-30, 2023, KBank expects the baht to move at 34.85-35.55 baht per dollar. Factors to watch include statements by the Fed chairman and staff. direction of foreign capital political situation Thai economic indicators and export figures for May Inflation measured from the US PCE/Core PCE Price Index in May, as well as China’s June PMI.
while the movement of the Thai stock market The Thai stock index closed to its lowest level in almost 2 years and 4 months. Thai stocks declined throughout the week amid many negative factors. By the beginning – mid week. Overall market atmosphere is pressured by specific issues of electrical wire and cable manufacturers. and pressure to sell shares of a major electronic component manufacturer Because it falls under the trading regulation level 1, it is forbidden to calculate trading limits and cash balance, along with concerns regarding the uncertainty of the domestic political situation. at the end of the week Thai stocks fell in line with foreign stocks. following the Fed chair continued to signal an interest rate hike in the second half of the year to curb inflation
Week 26-30 June 2023 KSecurities expects support at 1,490 and 1,475 points, while resistance at 1,520 and 1,545 points, respectively. of Thailand, statement by Fed officials direction of foreign capital Domestic Political Situation US PCE/Core PCE Price Index May Inflation in June (Preliminary) of the Eurozone, including the earnings of industrial companies in May. and China’s June PMI.
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