Poon said the baht was likely to swing in a wide range and could test the resistance level of 33.75 to the dollar.

With the market closing to risks and the energy price increasing, investors are worried Thailand’s current account might fall deeper into deficit than expected.

Poon suggested close monitoring of foreign investor moves to see if they were going to buy short-term bonds or offload the bonds after returning to purchase Thai stocks.

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

Poon said the market was closed to risks again after unsuccessful peace negotiations between Ukraine and Russia.

The market was worried western countries might slap Russia with added sanctions, especially those to do with energy, which would lead to further energy price increases, Poon added.