Poon said the baht was likely to swing in a wide range. However, the market was open to more risks and might influence foreign investors to purchase Thai stocks, causing the baht to strengthen.

Meanwhile, short-term bond transactions, which pressure the baht to weaken, might slow after foreigners invested around 2 billion baht in these bonds. He recommended monitoring the situation to see if the investors return to buy up more of the bonds.

In the short term, Poon predicted, the baht’s resistance level would be 33.60 to 33.75, a level which might see exporters offloading the dollar. The key support level would be 33 to 33.20, which would spur importers to purchase the greenback.