Poon forecast the baht would fluctuate and likely test the resistance level of 34.50. However, he did not expect it to drop much below 34.50 as risk-on market factors would support the currency. He said the generally risk-averse market coupled with the Covid-19 situation in China could add downward pressure on the baht. The Thai currency is also being squeezed by dividend transactions and gold purchases, with investors buying more of the precious metal as the price drops. However, foreign investors are currently making net purchases in the Thai stock market, meaning the baht may not breach the key resistance level, Poon added.

Source: The Nation Bangkok April 29, 2022 03:36 UTC