Baht expected to fluctuate in line with gold price
The baht opened at 33.17 to the US dollar on Monday, weakening from the previous closing of 33.33.
The Thai currency is likely to move between 33.10 and 33.20 during the day and between 33.00 and 33.50 during the week, Krungthai Bank market strategist Poon Panichpibool predicted.
Poon said that the baht might fluctuate as the gold price is the most important factor that affects the baht. Investors might start to sell gold if the price reaches between $1,820 and $1,830 per ounce which will cause the baht to strengthen.
The baht’s key support level would be from 33.00 to 33.10, the level some importers are waiting for so they can buy dollars, he added.
Moreover, foreign investors set a stop loss level at 33.00 to the dollar. If the baht strengthen past the level, the baht might strengthen suddenly and reach 32.80.
