He reckons the baht has a chance to strengthen as the currency market is open to more risks, which will see foreigners investing in Thai stocks and bonds again.

He suggested speculation on when foreign investors will start buying short-term bonds because it will signal the strengthening of the baht.

However, a slowdown in the Chinese economy due to the Omicron variant is still a risk factor that requires close monitoring where the Thai economy and baht are concerned, he said.

Poon added that the baht may not strengthen too much because importers are waiting to buy the dollar.

He believes the baht’s resistance level will stand at 33.50 to 33.60, which could see exporters offloading the dollar, while the key support level will stand at 33 to 33.20, which will spur importers to purchase the greenback.

Overall, the currency market is open to more risks continuously after the US Federal Reserve signalled an increase in the interest rate as expected. The Fed is certain that the US economy can handle the interest rate increase several times.

Though there is no certainty of peace being brokered between Russia and Ukraine, most investors hope negotiations will proceed and ease tensions.