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https://www.nationthailand.com/thailand/economy/40020719

Baht expected to strengthen

WEDNESDAY, OCTOBER 05, 2022

THE NATION

The baht opened at 37.40 to the US dollar on Wednesday, strengthening from Tuesday’s close of 37.60.

The Thai currency will likely move between 37.25 and 37.50 against the greenback during the day, Krungthai market strategist Poon Panichpibool predicted.

He said the baht is strengthening and even exceeding its support level as the market is in a risk-on state and pressuring the dollar while affecting the gold price.

If US economic data on Wednesday is worse than expected, the market might feel the US Federal Reserve will not increase the interest rate as it might pressure the financial market into a risk-on state, Poon said.

Also, it might pressure the dollar while supporting the baht to strengthen or swing sideways near its support level of 37.30 to 37.40, the level that importers are waiting for to purchase the US currency, he added.

THE NATION