Poon believes the baht might reach its weakest point, but should not pass 37 to the dollar unless China reinforces new lockdown measures.

The weakening of the baht may also slow down because foreign investors are buying Thai stocks during the dip and some are speculating that the baht will strengthen as the tourism sector’s recovery is better than expected.

Poon expects the dollar to strengthen at the beginning of the week, especially if the market is disappointed with business reports and shifts to a risk-off state.

However, the dollar might fluctuate and weaken if the European Central Bank increases the interest rate and the Purchasing Managers’ Index is worse than expected.