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Baht opens stronger against US dollar on Thursday
THURSDAY, DECEMBER 08, 2022
The baht opened at 34.88 to the US dollar on Thursday, strengthening from Wednesday’s close of 35.08.
The currency will likely move between 34.80 and 35.00 against the greenback during the day, Krungthai market strategist Poon Panichpibool said.
Poon said that the baht strengthened quickly last night after the dollar weakened and the gold price increased.
However, he cautioned the baht could weaken, especially if the latest US producer price index slows less than expected and triggers market concern over another possible rate hike by the US Federal Reserve.
The market is also in a risk-off state amid the global economic slowdown, which may trigger foreign fund outflows from the Thai stock market, Poon said.
However, he viewed that the baht will not weaken much and projected its key resistance level at 35.20, supported by foreign investors who are still buying Thai short-term and long-term bonds.
He forecast exporters would wait until the baht dropped close to its resistance level before selling dollars.
He also advised investors to use hedging tools such as options to manage risks in a highly volatile currency market.
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