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https://www.nationthailand.com/thailand/economy/40020799

Baht opens slightly down against dollar on Friday as US jobs data looms

FRIDAY, OCTOBER 07, 2022

THE NATION

The baht opened at 37.40 to the US dollar on Friday, weakening slightly from Thursday’s close of 37.36.

The Thai currency will likely move between 37.25 and 37.55 against the greenback during the day, Krungthai market strategist Poon Panichpibool predicted.

Poon cautioned over possible baht weakening in a volatile currency market as investors react to the latest US jobs data due on Friday.

He added that the market may push towards a risk-off state if the US labour data is better than expected.

He also advised keeping a close watch on the gold price, saying a fall to the support level could trigger gold purchases and a weakening of the baht.

Meanwhile, investors should monitor foreign transactions in Thai stocks as the baht would come under pressure from any significant outflows.

However, Poon said foreign funds were likely waiting to buy Thai assets, especially stocks following price falls. Moreover, economic recovery was giving Thai stocks greater attractiveness in the Asia market.

Poon forecast the baht’s resistance level at 37.60 to 37.80 to the dollar and the support level at 37.10 to 37.20.

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

THE NATION