Baht move to 30.20-30.45 this week

BANGKOK, 6 June 2011 (NNT) – Kasikorn Research Centre (KResearch) has estimated that the Thai baht this week (6-10 June) will move in the range of 30.20-30.45 baht per US dollar while many economic figures must be monitored closely.

KResearch reported that the baht last week appreciated against the greenback despite buying forces for US dollars by domestic companies in the beginning until the middle of the week. The Thai baht strengthened following investment direction for risk assets plus appreciation in Asian currencies.

The baht depreciated slightly in the end of last week following the negative news report on the Greek financial crisis and US economic figures. The baht on Friday closed at 30.30 baht per US dollar, compared with 30.36 baht per US dollar in the previous Friday 27 May.

As for this week, the baht is expected to move in the range of 30.20-30.45 baht per US dollar. The only domestic factor that should be monitored is intervention of the Bank of Thailand to stabilise the baht.

External factors that should be monitored are still concentrated in the Euro zone debt crisis and reports of important economic figures from the US, plus the global economic slowdown.