Kasikorn Bank (KBANK) expects the baht to move at 36.50-37.00 baht per dollar next week (May 13-17), while Kasikorn Research Center assesses important factors that need to be monitored, including the financial situation of the yen and gold prices in global markets. Foreign Capital, Statements by Federal Reserve Bank Officials
Meanwhile, important US economic figures include consumer inflation expectations. Producer Price Index Consumer Price Index Retail Sales, Home Construction Numbers Industrial Production in April Fed New York and Philadelphia Manufacturing Sector Survey in May
Including figures on the number of people applying for weekly unemployment benefits.
In addition, the market may wait for the follow-up GDP numbers for the first quarter of 2024 in Japan and the Eurozone. April inflation rate from the Eurozone and April economic numbers from China, such as retail sales and industrial production as well.
Last week the baht strengthened against the dollar. Which weakened after the decline in US bond yields and the decline of the baht at the beginning to mid-week in the wake of the general picture of regional currencies, led by the yuan and the yen. While the dollar is supported by the statements of Federal Reserve officials, which reflect the trend of maintaining interest rates in the United States. At a high level for a long time, however, the lackluster gradually recovered and strengthened at the end of the week.
Meanwhile, the number of weekly unemployment claims rose more than the market expected, putting pressure on the dollar. To weaken along with the downward adjustment of US bond yields. In addition, the baht is also supported by the increase in the price of gold in the global market.
On Friday, May 10, 2024, the baht closed the local market at 36.70 baht per dollar. Compared to the level of 36.79 baht per dollar. On the previous Friday (May 3, 2024)
As for the investment portfolio situation of foreign investors in the period from May 7 to 10, 2024, foreign investors net sold Thai stocks in the amount of 1,597 million baht.
But there is a case of net inflows into the Thai bond market of 437 million baht (net purchases of Thai bonds 2,567 million baht, deducting expired debt instruments of 2,130 million baht).
By InfoQuest News Agency (May 11, 2024)
Tags: KBANK, Kasikorn Bank, Kasikorn Research Center, US Economy
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