FX Market Outlook
[BY : Jatupat Aroonsiri]
On Friday, the Thai baht opened at 34.57/59 THB/USD, the same as yesterday’s (24/05/07) closing level at 34.58/59 THB/USD. The dollar rose against the euro after data showed U.S. new home sales in April grew at their fastest pace in 14 years, bolstering the view that the Federal Reserve may not have to cut interest rates this year. In addition, Yestarday's U.S. data showed that U.S. durable goods orders, a leading indicator of capital spending, rose less than expected in April but the previous month's reading was revised up sharply. The yen edged up to 120.90 JPY/USD, pulling away from a three-month low against the dollar, after data showed Japan's core consumer prices fell at a slower pace in April and kept the Bank of Japan on track to raise rates in coming months. BOJ Governor Toshihiko Fukui has said the central bank could raise rates even if inflation is still in negative territory as long as the long-term outlook for prices to rise remains in place The euro fell to 1.3421 EUR/USD, near a six-week low of the previous session as the U.S. data came out better than expected. At 9.00 a.m., the Thai Baht was trading at 34.58/59THB/USD.
THB Bonds Market Outlook
[BY : Piyanart Tutanathorn]
May 24, the total trading value increased from THB 31 to 80 Bln. Outright transactions accounted for 65% of total trading and amounted to THB 52 Bln, approximately 73% higher than the previous day. At the auction, the 30-billion baht worth of 14-day Bank of Thailand bonds were undersold, with about half alloted and the bid to cover ratio fell to 0.93 times the amount on offer from 1.34 times at the previous auction 2 days ago. The average accepted yield rose to 3.48336% from 3.24977% at the previous auction. As for the Bangkok Mass Transit Authority's bonds auction, 6 and 8-year issues, the accepted coupon rates were 3.4968% and 3.6468% respectively. At the end of the day, government bond yields were up by 2-10 bps.
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