He said the baht was likely to fluctuate and weaken due to the Omicron situation as well as Russia-Ukraine tensions.

Poon suggested speculating on foreign investor transactions in the short term. If they decide to sell their Thai assets, it would pressure the baht into weakening.

However, the Thai currency will not weaken much, he said. If war breaks out, the gold price is likely to increase, which will force investors to sell, especially if the precious metal reaches 1,950 dollars per ounce.

Poon believed the baht on Wednesday would be supported by investors buying long-term bonds in Thailand as there would be 20-year bond auction worth 17 billion baht.