Baht opens weaker despite Test & Go relaunch, mass gold sell-off
The baht opened at 33 to the US dollar on Tuesday, weakening from Monday’s closing of 32.975. The Thai currency is likely to move between 32.90 and 33.10 to the greenback during the day, Krungthai Bank market strategist Poon Panichpibool predicted.
He said that the baht is likely to swing sideways despite being supported by the easing of measures and the reopening of the country under the “Test and Go” scheme.
Poon added that though the baht was supported by the sale of gold, the market is in a risk-off state so it caused the dollar to strengthen while investors may sell more Thai stocks.
The key support level for the Thai currency will be between 32.80 and 32.90 – a level that importers are waiting for so they can purchase dollars. Meanwhile, the baht’s key resistance level will be from 33.10 to 33.20 – a level eyed by exporters so they can offload their dollars, he added.
