Krungthai expects baht to trade in 33.25-33.85 range this week

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Mr. Poon Panichpibool, a money and capital market strategist at Krungthai GLOBAL MARKETS, Bank of Krungthai, estimates the baht will trade in a range of 33.25 to 33.85 baht per dollar this week. The baht opened this morning at 33.56 baht per dollar, slightly stronger than last week's close of 33.59 baht per dollar, and he estimates a 24-hour range of 33.45 to 33.65 baht per dollar. The baht still has weakening momentum, with a risk of testing the key resistance zone of 33.85 baht per dollar if the situation in the Middle East intensifies. Pressure comes from high uncertainty in the Middle East, which has pushed crude oil prices sharply higher and driven up the dollar and the 10-year US Treasury yield. Meanwhile, US non-farm payrolls for September rose by only 29,000, below the market estimate of 89,000, and the unemployment rate rose to 4.2%, higher than the market expectation of 4.1%, prompting market players to reduce the odds that the US central bank will raise interest rates at its October meeting. The Japanese yen weakened toward the 158 yen per dollar zone, making market players cautious about the prospect of currency intervention. As for Thailand, the market is awaiting the September CPI inflation report, which is estimated to rise to 3.17%, while core CPI inflation may rise to 1.60%.

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