He believes the baht may swing sideways unless a new factor comes in. Poon said the baht is still supported by the sale of gold, but may weaken if investors sell off their Asian assets on the back of worse-than-expected news about the Chinese economy. He suggested monitoring the direction of foreign investments, as they may fluctuate based on Thailand’s Covid-19 situation. Poon said the baht’s resistance level will hover at 33.70 to 33.80, at which point exporters would offload the dollar. With high volatility in the currency market, businesses should use hedging tools like options to manage risks, he said.

Source: The Nation Bangkok April 18, 2022 04:03 UTC