Stronger baht can get extra boost from gold sales, foreign investment
The baht opened at 35.56 to the US dollar on Tuesday, strengthening from Monday’s close of 35.77.
The currency is expected to move between 35.45 and 35.65 during the day, Krungthai Bank market strategist Poon Panichpibool said.
He added that the baht may swing sideways unless there are new factors affecting it.
Poon also reckoned that the Thai currency may strengthen from gold-selling transactions and foreign investors buying Thai stocks and short-term bonds.
However, he said the baht may not strengthen much as some importers are waiting to buy the dollar when the baht is stronger.
Hence, the baht’s new support level is 35.40 to 35.50 to the dollar, while its resistance level stands at 35.80 to 36.