Baht could strengthen from gold trading by speculators
The baht opened at 31.34 to the US dollar on Tuesday, strengthening from Monday’s close of 31.37.
The Thai currency is likely to move between 31.30 and 31.40 during the day, Krungthai Bank market strategist Poon Panichpibool said.
He suggested that investors monitor the dollar’s direction and the sales of assets in Asia.
Poon added that the Fed’s stance on quantitative easing could affect the dollar.
The market strategist forecast that the US currency could weaken or be stable if markets in Asia are in a risk-on state.
He said the Covid-19 crisis had pressured Asian currencies, making them fluctuate while being unable to gain from the dollar weakening.
Poon added that the baht could strengthen from gold trading by speculators, as the price of the metal price had been increasing.