Baht to remain stable as few factors backing greenback

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40018406


The baht opened at 36.12 to the US dollar on Tuesday, weakening from Monday’s close of 36.08.

Baht to remain stable as few factors backing greenback

The currency is expected to move between 36 and 36.20 during the day, Krungthai Bank market strategist Poon Panichpibool predicted.

He said the market is being cautious and may pressure the baht to weaken, especially if foreign investors sell Thai stocks for profits.

However, the baht will not weaken much as there are no factors strengthening the dollar. Moreover, the baht is supported by gold-selling transactions.

In the short term, the baht’s key support level is at 36 to the dollar as some importers and Japanese multinational corporations bought the dollar and Japanese yen recently.

Meanwhile, most exporters are waiting to sell the dollar at 36.40, the baht’s resistance level.

Poon also advised investors to use hedging tools such as options to manage risks in a highly volatile currency market.

Published : August 02, 2022

By : THE NATION

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