Poon predicted the baht would weaken and swing sideways in a wide range as investors shun risk and the market anticipates a rate hike from the US Federal Reserve.

He recommended speculating on foreign transactions as overseas investors are selling Thai stocks and bonds.

However, sales of short-term bonds are slowing so there was unlikely to be a large quantity available for purchase, Poon said. Foreign investors might return to purchasing short-term bonds if the Russia-Ukraine conflict situation improves, he added.

In the short term, he predicted a baht resistance level of 33.60 to 33.75, when exporters might offload the dollar, and a key support level at 33 to 33.20, which would spur importers to purchase the greenback.