Market investments will determine baht’s movements this week, says strategist

The Thai currency is expected to move between 32.95 and 33.10 during the day and between 32.80 and 33.20 during the week, Krungthai Bank market strategist Poon Panichpibool predicted.

Poon said the baht is likely to move according to the market’s investment and may strengthen to the key support level of 32.80 to 32.90 if the market is in a risk-on state.

However, Poon said the baht will not go past the support level until basic factors in the country have recovered.

Moreover, foreign investors are waiting to sell the currency after it strengthens, while exporters are selling at the key resistance level of 33.20 to 33.30.

Meanwhile, the dollar may strengthen if the currency market is heavily volatile. The market is worried that the US Federal Reserve will raise the interest rate too much if the inflation numbers are higher than expected.

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However, Poon said revenue reports that are better than expected will help investors sell fewer risk assets.