Mr. Poon Panichphibun, money market strategist, Krungthai GLOBAL MARKETS, Krung Thai BankRevealing the value of the baht opening this morning (21 Nov. 2023) at 35.18 baht per dollar. “Weakened slightly” from the previous day’s closing level of 35.13 baht per dollar. and look at the baht frame today It is expected to be at the level of 35.00-35.30 baht/dollar during the previous night. The value of the baht fluctuates and depreciates. (Oscillating in the range of 35.07-35.29 baht per dollar) according to the flow of transactions to buy gold in the contraction period. Including the oil purchase transaction flow. After the price of crude oil began to rise from the support zone, the depreciation of the baht was limited because the overall dollar continued to fluctuate sideways, waiting to recognize new factors. That will affect the views of market players on the Fed interest rate outlook. At the same time, the financial market atmosphere has returned to being more risk-on, causing the dollar to still be in high demand among market players. student
For the trend of the baht value We maintain the same view that The momentum of the baht’s appreciation may slow down somewhat. And the baht has a chance to fluctuate sideways until the market recognizes additional new factors, especially PMI index reports for the manufacturing and service sectors. of all major economic countries At the end of the week, however, statements from central bank officials from both the BOE and ECB, as well as minutes from the latest Fed meeting, It may have some impact on the financial market.
In addition, we believe that we should be careful of market fluctuations. After market players become aware of Nvidia’s operating results, which may affect the overall financial market atmosphere. If the operating results come out worse than expected, pressure on Nvidia shares and other large tech stocks may fall heavily. It may cause the atmosphere in the financial market to become more closed to risk. This will encourage the dollar to rebound and strengthen somewhat.
For the support-resistance zone We are still evaluating that. The main support zone for the baht remains the zone of 35.00 baht per dollar. while the resistance is important It may be in the range of 35.30 baht per dollar. Until the market recognizes new factors
For today, there may not be many interesting economic data reports. As a result, market players will be paying attention to the statements of key central bank officials. Both the Bank of England (BOE) and the European Central Bank (ECB), especially the statement from the President of the ECB at 11:00 p.m. local time in Thailand. Recently, market players began to expect that the ECB might reduce interest rates by around -1% in next year and may start reducing interest rates in the 2nd quarter of next year.
And in addition to statements from central bank officials Market players will wait and see. Earnings report of a large US tech company like Nvidia (received after the market closed) including the report of the latest Fed meeting (FOMC Meeting Minutes) which will be received in the early morning around 2:00 a.m. on Wednesday.