and China weakened international trade and increased the risk of the global economy being driven into recession. Given these circumstances, investors resorted to increasing their holdings of safe-haven

multiple assets and shift to safe- haven liquid assets, especially the US Dollar, which strengthened at the end of the quarter. Overall, the Thai Baht weakened against the greenback compared to the previous

, especially Thai bonds, which are regarded as a safe haven because of Thailand’s economic stability – as evidenced by a low inflation rate and external debt, as well as a higher current account surplus than

around the globe turned cautious as investors resorted to increasing their holdings of safe-haven assets, prompting Thai and US bond yields to drop across all maturities. The Federal Reserve was thus

US-China trade war and Brexit. These two factors contributed to risk-off sentiment in financial markets. Investors therefore increased their holding of safe-haven assets. This led to greater capital