Baht strengthens as market opens amid more risks
The baht opened at 33.24 to the US dollar on Tuesday, strengthening from the previous closing of 33.40.
The Thai currency is likely to move between 33.15 and 33.30 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 is likely to strengthen as the market is in a risk-on state. However, the baht will not strengthen much due to the Covid-19 situation in Thailand.
He said that the baht might strengthen more after the gold price reached near the level of 1,830 dollars per ounce.
Meanwhile, Poon said the dollar might go down as the market is in a risk-on state. However, the dollar will be supported if the US labour statistics is better than expected and the market expects the US Federal Reserve to use tight monetary policy quickly.
Poon said that the currency market is fluctuating after investors were worried about the Omicron situation. Investors should speculate on the Nonfarm Payrolls and the Omicron situation worldwide.
