Baht unchanged, may strengthen after release of NFP report
The baht opened at 33.80 to the US dollar on Friday, unchanged from Thursday’s closing rate.
The Thai currency is likely to move between 33.75 and 33.90 during the day, Krungthai Bank market strategist Poon Panichpibool predicted.
Poon predicted that the dollar would continue fluctuating against the greenback because investors are waiting for the Nonfarm Payrolls (NFP) report.
However, the baht might have more chances to strengthen if the market opens for more risks and the dollar weakened after the NFP report is revealed.
Moreover, foreign investors started to invest more in Thai stocks. Meanwhile, exporters sold the dollar near the level of 33.85.
The key resistance level for the baht would be from 33.85 to 33.90 to the dollar while the key support level would be at 34.00.
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Poon added that the baht will not strengthen much as the economy is not completely recovered and the dollar still strengthens. Importers will buy on dip when the baht strengthen to the level of 33.60 to the dollar.
