Fluctuating crude oil, gold prices bolster Thai baht
Rising concern over the Israel-Hamas conflict and subsequent risks is helping bolster the Thai baht, which opened stronger on Monday at 36.19 to the US dollar.
Krung Thai Bank's currency analyst Poon Panichpibul said the baht, which strengthened from last week’s closing of 36.40 to the dollar, is expected to move within the range of 36 and 36.30 on Monday.
He said the baht has gradually strengthened, fluctuating within the range of 36.13 and 36.55 to the US dollar, due to adjustments in response to rising gold prices.
However, the strengthening of the baht has slowed down slightly in response to a stronger greenback and a sharp surge in the price of crude oil, reflecting concerns about the intensifying Israel-Hamas conflict.
The analyst added that foreign investment may remain volatile as the financial market situation remains unclear. Therefore, he said, it is advisable to keep an eye on crude oil and gold prices, as they may fluctuate significantly due to the war situation and affect the baht and other Asian currencies.
