The baht value opened this morning, April 19, 2023, at a level of 34.29 baht per dollar. “Stable, unchanged” from the previous day’s closing level. by looking at the baht frame today Expected to be at 34.15-34.35 baht per dollar.
Mr. Poon Panichphiboon, money market strategist, Krungthai GLOBAL MARKETS, Krung Thai Bank, revealed that the US stock market Continue to fluctuate according to earnings reports and earnings trends of listed companies. During the past night Goldman Sachs -1.7% earnings beat expectations, and Johnson & Johnson -2.8%, despite better-than-expected earnings. But the company has expressed concern over the prospect of rising operating costs. As a result, the US S&P500 index closed the market only +0.09%. through US economic data reports and statements by Fed officials this week.
In Europe, the STOXX600 index turned up +0.38%, supported by a rebound in luxury-brand stocks (Hermes +1.8%, Dior +0.7%), supported by key economic data. China came out better than expected. Reflecting the continued recovery of the Chinese economy, market players are still waiting to keep an eye on the results of listed companies to further adjust the clear holding position
in the currency market The dollar moved volatilely. There was a moment of appreciating the value according to better-than-expected housing market data. Before shrinking down at a time when market players return to take more risks (Corresponding to the US S&P500 index) but overall, the dollar index (DXY) is still swinging near 101.7 points, which we see. The dollar tends to fluctuate in line with market players’ view of the prospects for Fed rate hikes. which must keep an eye on US economic data reports and statements by Fed officials including the atmosphere in the financial markets (open to risk or closed to risk), which will depend on the performance reports of those listed companies.
in the gold price side Dollar volatility also affects gold prices. (Gold contract, COMEX market, delivery in June) also fluctuates. With the moment that the price of gold fell near the support zone of $ 2,000 per ounce. following the appreciation of the dollar before gaining buying pressure during the short period and the depreciation of the dollar helped push the price of gold to rebound up to the level of $ 2,018 per ounce again
For today, market players will wait to assess the direction of monetary policy in Europe. Through British and Eurozone CPI inflation reports, although Core CPI inflation, which excludes the effect of energy and food prices. will continue to slow down to 5.7% (Eurozone) and 6.0% (England), but those levels are still much higher than the targets of the European Central Bank (ECB) and the Bank of England (BOE). Both the ECB and the BOE still have the opportunity to continue raising the policy rate about 1-2 times this year, in addition to the inflation report mentioned above. Market players will be waiting for the statements by ECB and BOE officials to assess the direction of the policy rates of the two major central banks.
and in addition to the aforementioned economic data reports Market players will wait for earnings reports of listed companies. This will affect the atmosphere in the financial market.
While the trend of the baht Even though last night The baht will fluctuate in the direction of the dollar and the flow of gold transactions. Overall, the movement of the baht looks volatile in the sideways frame, but today, it is estimated that the baht has a chance to move up to some extent. Market players’ attention will be on the European afternoon CPI inflation report.
by evaluating that If the UK and Eurozone CPI inflation still high Although slowing down a bit This may lead market players to believe that both the BOE and the ECB may need to continue raising the policy rate 1-2 more times, which may help support the appreciation of the Euro (EUR). and the British pound (GBP) to some extent and may help the baht to appreciate as well. (according to the depreciation of the dollar)
However, it is estimated that the baht may not appreciate much. Because during this time, there is still a dividend transaction flow to foreign investors, including the fund flow, foreign investors are still net sellers. causing the appreciation of the baht May be stuck in the support zone 34.15-34.20 baht per dollar.
