Baht could test key resistance level of 34.75: market strategist

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40015435


The baht opened at 34.63 to the US dollar on Wednesday, dropping slightly from Tuesday’s close of 34.55.

Baht could test key resistance level of 34.75: market strategist

The currency is expected to move in a range between 34.50 and 34.70 on Wednesday, said Krungthai Bank market strategist Poon Panichpibool.

Poon said the baht could weaken as the dollar strengthens. However, foreign investment has not significantly flowed out of Thailand so the baht will not weaken much but could test the key resistance level of 34.75.

He said the downward direction of the baht might reverse in the short term following market reaction to April’s US inflation report and US Federal Reserve statements. If April inflation slows and the Fed declines to signal a rate rise, the dollar may weaken and the market could return to a risk-on state, causing the baht to strengthen.

Poon advised businesses to use hedging tools such as options to manage risks in the highly volatile currency market.

Published : May 11, 2022

By : THE NATION

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