He said the baht may stop strengthening and swing sideways because it has risen far beyond the estimated support level due to stock and bond transactions by foreign investors and gold sales.

However, Russia-Ukraine tension is keeping the market in a risk-off state and helping the dollar to advance, which might slow down the strengthening of the baht in the short term.

Poon suggested speculating on foreign investor transactions of Thai assets and the gold price. He said that if investors continued to sell their assets, it would lead to further strengthening of the baht.