Baht could continue advancing if foreign investors do not offload short-term bonds
The baht opened at 33.68 to the US dollar on Thursday, strengthening from Wednesday’s closing rate of 33.765.
The Thai currency is likely to move between 33.60 and 33.75 to the greenback during the day, Krungthai Bank market strategist Poon Panichpibool predicted.
Poon said that the baht is likely to fluctuate and swing sideways in the short term.
He said the baht might strengthen more if foreign investors do not sell a large number of short term bonds as the dollar is weakening and the gold price is increasing.
The baht key resistance level is at 33.80 to the dollar, which is the level that exporters are waiting to close the risk. Meanwhile, the baht support level is at 33.50 to the dollar.
Poon added that the number of transactions at the end of the year is reducing so the currency market is likely to fluctuate.
