Poon said the baht has a chance of weakening but it will slow down and swing sideways in a wide range as the market is highly volatile.

He explained that the market saw hope in Russia-Ukraine peace talks as investors were not selling risk assets even though the latest round of talks was not successful.

Moreover, gold-selling supported a slowdown in the baht’s weakening. He also advised purchasing Thai assets from foreign investors as this would set a direction for the baht.
 
Foreign investors would start returning to the Thai market if the war does not worsen, he said.

Poon forecast the baht resistance level at 33.20 to 33.30, which will see exporters selling the dollar. Meanwhile, its key support level will be 32.80 to 33.00, when importers would buy if the dollar dips.

The Russia-Ukraine war has forced markets into a risk-off state, which means they will remain volatile. Poon said business operators should use hedging tools such as options to manage risks.