The baht might fluctuate in a wide range, he added. He suggested speculating on foreign investors returning to Thai stocks.

However, he warned the baht could come under downward pressure due to concern about domestic economic recovery if the oil price surges or the Covid-19 situation in China worsens.

Poon forecast a baht resistance level at 33.40 to 33.50, which would see exporters selling the dollar. He saw its key support level as 33.00 to 33.20, when importers would buy dollars.

Poon added that the dollar might strengthen if ongoing negotiations between Ukraine and Russia fail and the situation worsens. Moreover, worry over stagflation if the price of crude oil rises might support dollar possession, he said.