BANGKOK, Thailand – The Thai baht opened on January 22 at 33.99 per U.S. dollar, appreciating from the previous close of 34.11. The currency is expected to trade within a range of 33.80-34.10 in the next 24 hours.
Since last night, the baht has strengthened gradually, fluctuating between 33.92 and 34.15, supported by the weakening U.S. dollar. This movement reflects reduced market concerns over the trade protectionist policies of the Trump 2.0 administration. Some traders have taken profit on their long USD positions, further aiding the baht’s strength.
Additionally, the rise in gold prices (XAUUSD), which broke through the short-term resistance zone to reach $2,740 per ounce, has contributed to the baht’s appreciation. Gold’s rally was driven by the dollar’s decline and a temporary dip in the U.S. 10-year bond yields, opening the door for gold to test its previous high near $2,800 per ounce.
