Poon said the baht may also swing sideways, so he suggested monitoring foreign investments. If foreign investors sell fewer Thai assets, it might slow down the baht’s weakening. In the short term, Poon estimates the baht’s resistance level will remain at 38.20-38.40 to the dollar, as some exporters and foreign investors may sell the dollar for profits. He expects the support level to be at 37.50 to the dollar, a level at which importers are waiting to buy the currency. Poon reckons the dollar’s momentum will slow down and may weaken amid currency intervention in several countries.

Source: The Nation Bangkok October 03, 2022 05:04 UTC