Baht might fluctuate, weaken on gold purchases, share sales: market strategist
The baht opened at 35.47 to the US dollar on Thursday, weakening from Wednesday’s close of 35.42.
The currency is expected to move between 35.35 and 35.55 during the day, Krungthai Bank market strategist Poon Panichpibool predicted.
He said the baht might fluctuate and weaken as the dollar strengthens and investors wait to purchase gold as the price heads down.
Moreover, foreign investors might sell their Thai shares with the stock index rising. And if the currency market descends into a risk-off state again, this might pressure the baht to weaken, Poon pointed out.
However, he said the Thai currency will not weaken much as investors await new market factors while exporters aim to sell the baht when it touches 35.50-35.60 to the dollar. So the baht will not weaken past this level during the period, Poon believes.