Baht weakening may slow after dollar hits resistance level
The baht opened at 33.39 to the US dollar on Thursday, weakening from Wednesday’s closing rate of 33.33.
The Thai currency is likely to move between 33.00 and 33.45 to the greenback during the day, Krungthai Bank market strategist Poon Panichpibool predicted.
Poon said that the baht weakening might slow down after the dollar was strengthening and reached the resistance level which caused some investors to sell the dollar.
However, the baht might fluctuate as investors sold 1.6 million baht of short-term bonds yesterday which caused the baht to heavily weaken.
Poon believed that the baht will reach the key resistance level of 33.40 to 33.50 to the dollar which is the level at which exporters are waiting to sell the dollar and foreign investors are buying the baht. Moreover, the baht might strengthen if the gold price goes up.
