He said the baht may fluctuate and weaken to test the resistance level at 34.70 to 34.80 – the point that exporters are waiting for to sell the dollar.

He said the baht is being pressured by concerns that the US Federal Reserve may increase the interest rate and thereby strengthen the dollar.

Hence, he said, investors should keep a close eye on the US Consumer Price Index. If inflation surges from the previous month, investors can expect the Fed to push the interest rate to a higher level.

The baht is also pressured after China enforced lockdown measures in Shanghai again, which affects investments in emerging Asian markets.

Poon advised investors to use hedging tools such as options to manage risks in the highly volatile currency market.