baht depreciated after the number of people infected with covid continued to increase
The baht depreciated after the number of people infected with COVID-19 in the country continues to increase The Bank of Thailand expects the Thai economy to recover the same as before the COVID-19 outbreak. It should take until the first quarter of 2023.
Foreign Currency Trade Department Bangkok Bank reported that the condition of the foreign exchange market on Monday, June 28, 2021, the baht opened this morning (28/6) at 31.87 baht / US dollar. It weakened from Friday’s closing level (25/6) at 31.78/79 baht/USD.
The U.S. dollar strengthened against the major currencies although on Friday night, the US Commerce Department released a baseline personal consumption expenditure price index. This excludes the US food and energy category for May. It rose 0.5%, which was lower than expected at 0.6%.
The figure indicates lower-than-expected US inflation. As a result, investors have eased concerns about the possibility of the Fed canceling stimulus measures earlier than expected. In addition, the University of Michigan has revealed The U.S. Consumer Confidence Index for June was 85.5, below expectations of 86.5.
The baht was also pressured by the severe epidemic situation of the COVID-19 virus in the country after the Department of Disease Control Ministry of Health On Monday, June 28, there were 5,406 new cases, including 5,397 new cases, the highest number since the coronavirus outbreak. vid-19 And divided into 9 prison cases, totaling 24,853 cumulative infections, 22 additional deaths and 1,934 cumulative deaths.
Mr. Methee Supapong, Deputy Governor for Financial Stability The Bank of Thailand (BOT) said at the seminar “Fah after the rain, a new dimension for Thai tourism” that it is expected that the Thai economy will take time to recover and may have to wait until the first quarter of 2023 before it can recover. equal to the level before the outbreak of COVID-19
Because there are now a large number of new infections in the country. As a result, the government has to take measures to stop the spread of the Covid-19 virus. This is a measure that has a huge impact on the tourism sector both at home and abroad. Including businesses related to the tourism sector that have been severely affected and long-lasting. from issuing measures to curb more severe outbreaks
While the acceleration of vaccination in high-risk groups had just begun in early June 2021, during the day, the baht moved in the range of 31.80-31.96 baht/USD. and closed at 31.95/97 baht/USD
For the movement of the euro opened the market this morning (28/6) at 1.1931 / 35 US dollars / euro. It weakened from Friday’s close (25/6) at 1.1937/41 USD/EUR. Euro depreciates on US dollar appreciation (25/6)
On Friday (25/6), the Destatis Institute released the German export price index. May rose 1.7%, higher than expected at 1.3%. During the day, the euro moved in the range of 1.918-1.1944 USD/Euro. and closed at 1.1935/39 USD/Euro
The movement of the yen opened the market this morning (28/6) at 110.69/71 yen / US dollar. It strengthened from the close of the market on Friday (25/6) at 110.75/78 yen / US dollar. Investors still have concerns about the number of Covid-19 cases. The continuous increase in Japan
On Sunday (27/6), Hidemasa Nakamura, head of the Tokyo Olympics and Paralympics main operations center, said: Athletes and representatives participating in the Tokyo Olympics and Paralympics Should be quarantined immediately upon arrival in Japan to prevent the spread of COVID-19.
The offer comes after two of Ugandan’s nine Olympic team members tested positive for COVID-19 following their arrival in Japan this month. During the day, the yen moved within the range of 110.60-110.83 Yen/US dollar and closed at 110.73/73 yen / US dollar
The key economic indicators this week are the US Consumer Confidence Report (29/6), the European Consumer Price Index (30/6), the US nonfarm payroll change. (30/6), Chicago U.S. Purchasing Managers’ Index (30/6), U.S. Closing Monthly U.S. Home Sales (30/6), Manufacturing Purchasing Managers’ Index Germany (1/6), US unemployment claims (1/6), US Manufacturing Purchasing Managers’ Index (1/6), US hourly monthly income (2 /6), US non-farm payrolls (2/6), and US unemployment (2/6).
For the hedging rate (Swap point), the first month in the country is -0.30/+0.20 satang/USD. and the hedging rate in the morning for 1 month abroad is +3.50/+4.50 satang/USD
