Baht weakens as exporters wait to offload dollar
The baht opened at 32.76 to the US dollar on Wednesday, weakening from Tuesday’s closing of 32.67.
The Thai currency is likely to move between 32.70 and 32.85 to the greenback during the day, Krungthai Bank market strategist Poon Panichpibool predicted.
Poon said that the baht will be pressured by a strengthening dollar and gold sell-offs. Investors are waiting for the gold price to back to the resistance level of 1,870 dollars per ounce.
However, the baht might be supported by foreign investors’ interest in short-term bonds.
Moreover, exporters are waiting to sell the dollar after the dollar suddenly strengthened. The current resistance level for the baht would be from 32.90 to 33 to the dollar
