THB to move 29.75-30.10 THB/USD this week

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BANGKOK, 22 August 2011  – Kasikorn Research Centre (KResearch) has estimated that the Thai baht this week (from 22 to 26 August 2011) will move in the range of 29.75-30.10 baht per US dollar with the Thai Monetary Policy Committee’s meeting and the US economic figures as the major focus. 

KResearch reported that the baht strengthened in the first half of last week upon a hope that the EU debt crisis would be solved. Purchases of Thai stocks among foreign investors also pushed up the baht in the middle of the week; however, trade slipped later on upon concerns over fragility of the global economy.

The baht however can manage to bounce back stronger in the end of last week as exporters sold US dollars. The baht closed at 29.78 per US dollar on Friday, compared with 29.89 baht per US dollar a week earlier.

As for this week, the baht is expected to move in the range of 29.75-30.10 baht per US dollar. Domestic factors that should be monitored are the Gross Domestic Product (GDP) report for the second quarter this year and the meeting result of the Monetary Policy Committee this week.

Meanwhile, external factors that should be focused are still concentrated on important economic figures from the US.