Baht weakens as market awaits US economic data, Fed statement
The baht opened at 33.26 to the US dollar on Thursday, weakening from Wednesday’s closing rate of 33.20.
The Thai currency is likely to move between 33.15 and 33.35 to the greenback during the day, Krungthai Bank market strategist Poon Panichpibool predicted.
Poon said that investors are speculating the US economic data. The market expected the service sector will grow continuously.
Moreover, the market is waiting for the statement from the US Federal Reserve’s official after the Fed sent a signal to increase the policy interest rate faster than expected.
Poon said that the baht is likely to swing sideways while the Omicron situation and the dollar strengthening might pressure the baht to weaken.
However, foreign investors did not worry about the Omicron situation and continued to invest in Thai stocks this week. Foreign investors also bought 13 billion baht of short term bonds.
