2024-04-06 11:03:33
KBANK expects the baht next week to fluctuate within the range of 36.20-37.20 baht/dollar, keeping an eye on the meeting results. MPC-US economic figures
Kasikorn Bank (KBANK) views the movement of the baht next week (8-12 Apr.) at the level of 36.20-37.20 baht/dollar from the market closing on Friday (5 Apr.) at the level of 36.65 baht/dollar. This week past The baht hit its weakest level in nearly six months at 36.84 baht/dollar before recovering partially at the end of the week.
The baht weakened in the beginning-mid of the week in line with the direction of most currencies in the region. and net selling pressure of Thai bonds by foreign investors Meanwhile, the market is focusing on the results of Thailand’s Monetary Policy Committee (MPC) meeting on April 10.
The dollar strengthened in line with US bond yields. This was supported by the March ISM manufacturing index in the US that increased more than the market expected. which stimulates predictions that The US Federal Reserve (Fed) is unlikely to send a signal that it is preparing to cut policy interest rates in the near term.
However, the baht partially recovered following the increase in gold prices in the world market. Meanwhile, the dollar lost some of its positive range at the end of the week. After US economic numbers (such as the ISM service sector index in March and the number of people applying for unemployment benefits) came out lower than the market expected. And there may be strong selling pressure on the dollar. To adjust the position before reporting US non-agricultural employment figures.
Important factors to follow next week include the results of the MPC meeting and signs of the Thai interest rate trend (April 10), and the direction of foreign capital. and statements from Fed officials Meanwhile, important US economic figures include consumer inflation expectations. Consumer Price Index March Producer Price Index Minutes from the March 19-20 Fed meeting, including weekly jobless claims. and Consumer Confidence Index (preliminary) for April
In addition, the market is still waiting to follow the results of the European Central Bank (ECB) meeting and March economic figures from China, such as the Consumer Price Index. Producer Price Index and the amount of Yuan-denominated loans
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