Volatility in the currency market is still supporting the dollar and pressuring the baht, Poon added. Meanwhile, the Covid-19 situation in China is deterring investment in Asian emerging markets, meaning the baht is likely to swing sideways, he said.

However, the baht would face downward pressure from purchases of gold if the price goes down.
Poon said the Thai currency’s key resistance level would be 34.50, at which point exporters would sell the dollar.

He advised businesses to use hedging tools such as options to manage risks in the highly volatile currency market.