Baht likely to touch 36.35 during the day: market strategist

The currency is expected to move between 36.15 and 36.35 during the day, predicted Krungthai Bank market strategist Poon Panichpibool.

Poon said the baht was likely to fluctuate and weaken as the dollar advanced and amid investor concern that the Chinese government might enforce more lockdown measures.

Poon expects the baht’s short-term support level to be 35.90-36, and its resistance level 36.5.

The dollar might “invert” if the US Federal Reserve does not signal it would go in for a heavy rate increase in July, he said.

Poon felt that uncertainty over what the Fed would do is likely to lead to a fluctuating market.

He advised investors to use hedging tools such as options to manage risks in the highly volatile currency market.