Krungthai expects baht to trade in 33.35-33.60 range today

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Poon Panichpibool, a money and capital markets strategist at Krungthai GLOBAL MARKETS of Krungthai Bank, said the baht opened this morning at 33.46 per dollar, weakening from 33.34 per dollar at the close of last week. He estimated a 24-hour trading range of 33.35-33.60 per dollar and a weekly range of 33.00-33.85 per dollar. The baht still has downward momentum, with a risk of testing resistance at 33.50 per dollar and the next resistance at 33.85 per dollar, as long as the market remains concerned about the Middle East situation and energy prices hold at high levels. Pressure comes from the stance of President Donald Trump, who rejected conditions for ceasefire talks and the opening of the Strait of Hormuz by Iran, causing crude oil prices to reverse higher, weighing on both gold prices and the baht while supporting a rebound in the dollar. Meanwhile, the market has raised the odds that the FED will hike rates this year after most U.S. economic data came in better than expected and FED officials signaled readiness to raise rates to control inflation. The market sees about a 48% chance the FED will raise rates two more times this year and possibly two more times in 2027. The baht still faces two-way risk, so he recommends using a variety of hedging strategies, such as options strategies.

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