Baht could wane today as investors offload Thai assets


The baht opened at 32.74 to the US dollar on Thursday, strengthening from Wednesday’s closing rate of 32.78.

The Thai currency is likely to move between 32.65 and 32.80 during the day, Krungthai Bank market strategist Poon Panichpibool predicted.

Poon said investors were awaiting results of a key European Central Bank meeting today as the baht drifts sideways.

The baht might be volatile and weaken during the day as many foreigners opt to offload their Thai assets, he said.

The key resistance level for the baht would be from 32.90 to 33.00 to the dollar, which is the level at which exporters might sell the US currency, Poon said.

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Meanwhile, the baht’s key support level would be from 32.50 to 32.60, the level some importers are waiting for so they can buy the dollar, he added.