Baht to swing sideways from risk-off tendency before US inflation data released
The baht opened at 32.97 to the US dollar on Tuesday, strengthening from Monday’s closing of 33.03.
The Thai currency is likely to move between 32.90 and 33.05 during the day, Krungthai Bank market strategist Poon Panichpibool predicted.
He said the baht is likely to swing sideways because investors are in a risk-off state before the US inflation information from the Consumer Price Index (CPI) is released, which will make the dollar stronger or swing sideways.
However, the baht found support after the gold price surged and reached its key resistance level at 1,820 dollars per ounce.
Poon said the baht will not strengthen much because importers are waiting to sell the dollar when it hits 32.80 to 32.90, while foreign investors are also waiting to sell the baht.
