Baht to fluctuate in anticipation of US employment data, predicts strategist
The baht opened stronger at 33.09 to the US dollar on Friday from Thursday’s closing of 33.17.
The Thai currency is likely to move between 33.00 and 33.15 during the day, Krungthai Bank market strategist Poon Panichpibool predicted.
He added that the baht is likely to swing sideways owing to the weakening of the dollar near the support level and the strengthening of the baht.
He added that the baht will fluctuate heavily before the US employment data is revealed.
In addition, he said, other risk factors such as the Russia-Ukraine situation may put the market at a risk-off state, which will cause the dollar to advance.
The support level for the Thai currency will stand at 33.10 – a level importers are waiting for so they can purchase dollars. Meanwhile, the baht’s resistance level will be from 33.40 – a level eyed by exporters so they can offload their dollars, he added.
