Weaker dollar, gold sell offs strengthen baht
The baht opened at 33.19 to the US dollar on Friday, strengthening from Thursday’s closing rate of 33.30.
The Thai currency is likely to move between 33.10 and 33.30 during the day, Krungthai Bank market strategist Poon Panichpibool predicted.
Poon said that the baht strengthen because the dollar weaken and the gold-selling. Investors might be waiting to sell the gold when the price goes up nearly 1,800 dollars per ounce.
However, Poon added that the baht might be volatile from Thai stocks selling. Foreign investors might slow down in investing in Thai until the economy recovers from the country opening next month.
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.
