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https://www.nationthailand.com/business/40016573

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The baht opened at 34.82 to the US dollar on Monday, weakening from Friday’s close of 34.77.

The Thai currency is expected to move between 34.70 and 34.90 to the dollar during the day and between 34.40 and 35 during the week, Krungthai market strategist Poon Panichpibool predicted.

He said the baht may test the resistance level at 34.80 to 35 as the dollar is strengthening.

However, the weakening of the baht may be limited by the selling off of gold. Meanwhile, exporters are also waiting to sell their dollars at the baht’s resistance level.

Poon added that the baht should not go beyond 35 to the dollar if the market is not affected by lockdown measures enforced in several parts of China. The lockdown may encourage investors to sell off a lot of stocks and bonds in emerging Asian markets.

As for the dollar, Poon said it is strengthening because the US Federal Reserve has signalled that it will increase the interest rate.

If the Fed does not increase the rate as high as expected (the market expects the rate to reach 0.75 per cent by September), it may cause the dollar’s value to drop once the Fed announces its latest decision.

Published : June 13, 2022

By : THE NATION