Baht strengthens amid pressure from gold sales

The baht opened at 33.30 to the US dollar on Thursday, strengthening from Wednesday’s closing rate of 33.35.

The Thai currency is likely to move between 33.20 and 33.40 during the day, Krungthai Bank market strategist Poon Panichpibool predicted.

Poon said that foreign investors might sell Thai stocks due to the Asian market which would pressure the baht to be volatile and weaken.

Meanwhile, the market was in a cautious state which might support the baht to strengthen according to the gold-selling.

Poon expected investors are waiting to sell the gold when the price goes up nearly 1,800 dollars per ounce.

The key resistance level for the baht would be from 33.40 to 33.50 to the dollar, which is the level at which exporters might sell the US currency.

The baht’s key support level would be from 32.90 to 33.00, the level some importers are waiting for so they can buy dollars, he added.