The Thai baht opened lower on Wednesday to a five-year low against the dollar ahead of the Federal Reserve meeting to announce a rate hike later today.
The Thai baht rose to THB35.06 to one dollar in the early morning of June 15, 2022, depreciating further from the closing of THB34.98/USD yesterday, which is in the same direction as other currency in the regional markets amid concerns over Fed’s aggressive rate hike, while the U.S. Treasuries also continued to give higher yields, resulting in a strong greenback.
According to the data compiled by Reuters, the support levels for Thai baht are 35.0, 34.90; resistance 35.30, 35.60; targets 36.0 to a dollar.
Thai baht is the fifth weakest currency in the emerging market this year after Japan yen, Singapore dollar, Taiwan dollar and Korean won.
Mr. Chaiyot Jiwangkul, Assistant Director of Krungsri Securities (KSS), through “Kaohoon Jor Talad Program” on June 15, 2022, recommended TU (S17.2/R17.8-18) and ASIAN (S17/R18), expecting both securities to benefit from surging weaker baht.