Baht strengthens as investors eye Thai stocks
The baht opened at 33.83 to the US dollar on Thursday, strengthen from Wednesday’s closing rate of 33.92.
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 the baht would continue fluctuating against the greenback. Also, he said, the flow of foreign funds has slowed down because foreign investors are waiting for an improvement in the market before spending on Thai stocks.
The baht will strengthen if the Asian market opens for more risk. The baht will not strengthen much because investors are waiting for the Nonfarm Payrolls (NFP) report.
The baht’s key support level would at 33.70, the level some importers are waiting for so they can buy dollars, he added.
Poon added that the currency market might fluctuate heavily at first but investors are open to more risks because the private-sector employment was better than expected. According to ADP, private-sector employment in September increased for 570,000 positions.
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Moreover, the marker was supported by the US debt ceiling negotiation to raise the debt ceiling for two months. The US Congress must raise the debt ceiling before October 18 to avoid default.
