Strategists from Krungthai GLOBAL MARKETS, a unit of Krungthai Bank, expect the baht to move within a range of 32.80-33.00 baht per dollar today. The baht opened stronger this morning at 32.90 baht per dollar, from the previous close of 33.01 baht per dollar, following the dollar's weakness as the Japanese yen strengthened continuously and as FOMC member Christopher Waller's remarks were not very hawkish, leading the market to lower the probability of a Fed rate hike to about 33%. However, the baht's appreciation may slow as the market awaits U.S. labor market data and the situation in the Middle East. The next support is at 32.50-32.60 baht per dollar, with resistance at 33.00 baht per dollar.
Dollar weakens as yen strengthens and Fed rate hike odds fall, supporting baht appreciation.
