Bangkok, The baht moved in a narrow range of around 35.97-35.99 baht per dollar this morning (July 30) at 09.44 hrs. compared to the closing level in foreign markets yesterday at 35.99 baht per dollar. Ms. Kanchana Chokpaisansin, Research Director, Kasikorn Research Center, said that the baht has slowed down its appreciation somewhat (after strengthening to near the highest level in 4 months at 35.82 baht per dollar in mid-July) following the decline in the price of gold in the world market and the buying power of the dollar before the meetings of the US Federal Reserve (Fed) and the Bank of Japan (Fed) (30-31 July). For the baht's movement framework today, the initial assessment is 35.90-36.10-36.35 baht per dollar, while important factors to monitor include the direction of foreign capital, the situation of gold prices in the world market and other currencies in the region, adjustments to positions before the meetings of many central banks (both BOJ, Fed and BOE), the eurozone's second-quarter 2024 GDP f igures, and US economic data such as the job openings and labor turnover rate (JOLTS) for June and the consumer confidence index for July. Mr. Poon Panichpiboon, Strategist for Money and Capital Markets, Krungthai GLOBAL MARKETS, Krungthai Bank, said that the trend of the baht is that the momentum of depreciation is starting to gain strength and may pressure the baht to weaken to test the first resistance zone around 36.25 baht per dollar (especially if the baht can fluctuate and weaken beyond the 36 baht per dollar zone). It is important to keep an eye on the direction of the dollar and the direction of gold prices, which will depend on the market's view on the Fed's interest rate outlook. At the same time, be careful of the volatility of the Japanese yen and foreign investor fund flows. In terms of the dollar, it is believed that the dollar may still receive some support if 1. the financial market is still closed to risk from disappointment in earnings reports, 2. the market adjusts down expectations for a Fed rate cut this year, and 3. the Japanese yen weakens from disappointment in the BOJ meeting. Mr. Poon said that he still recommends that market players should choose to use a wider range of tools to hedge exchange rate risks amid the volatility of the baht and other currencies, which is considerably higher than in the past. Market players may choose to use additional tools such as Options or Local Currency, along with hedging through Forward contracts, and sees the baht range this week at 35.80-36.50 baht/dollar. Source: Thai News Agency