Sat, October 23, 2021

business

Baht faces further weakening


The baht opened at 33.83 to the US dollar on Wednesday, weakening from Tuesday’s closing rate of 33.76.

The Thai currency is likely to move between 33.75 and 33.90 during the day, Krungthai Bank market strategist Poon Panichpibool predicted.

Poon said that the baht might weaken further while the dollar strengthens if the results of US economic data especially the ADP National Employment Report turn out than expected. The market speculated that the nonfarm payroll employment report on Friday will also be better than expected.

The baht is also supported by the gold price increasing which causes investors to sell. 

However, the baht will not strengthen clearly soon in the short term.

Poon added that the baht might test the key resistance level of 34.00 to the dollar until the market is ready to take more risks and invest in Thai assets.

Published : October 06, 2021

By : THE NATION