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https://www.nationthailand.com/thailand/economy/40020688

Baht bounces back against dollar on Tuesday

TUESDAY, OCTOBER 04, 2022

THE NATION

The baht opened at 37.80 to the US dollar on Tuesday, strengthening from Monday’s close of 38.08.

The Thai currency will likely move between 37.70 and 38.00 against the greenback during the day, Krungthai market strategist Poon Panichpibool predicted.

Poon said that the market is in a risk-on state, which might slow the baht’s weakening if foreign inflows rise.

Also, the baht may gain short-term support from gold sales if the price exceeds its resistance level at $1,700 per ounce, he added.

He said the baht could swing sideways or strengthen in the short term, as daily and weekly graphs show signs of bearish divergence.

He also advised watching for weak liquidity in the market that could drive baht fluctuation and sideways swings in a wide range.

Poon predicted a support level of 37.50 to 37.70, when importers would buy dollars. He expects a resistance level of 38.20 to 38.30, when exporters would sell the dollar.

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

THE NATION