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Thai Baht currency market news
A better than expected Chinese manufacturing PMI failed to lift the yuan or Australian dollar on Thursday morning against a US dollar determined to end the month in the green.
The Chinese PMI for the manufacturing sector came in at 51.7 for August, slightly ahead of the market forecast of 51.3 and July’s reading of 51.4. The less important service sector PMI disappointed slightly with its print of 53.5, versus an expectation of 54.5. View article >
Asia’s best performing currency, the Thai baht, isn’t done yet, said both Scotiabank and Standard Chartered in recent days.
USD/THB, which has fallen (the baht has risen) 7% this year, is set for a further 7% fall to levels around ฿31 in 2018 according to Standard Chartered, from Monday’s exchange rate of ฿33.25.
Analysts at Canada’s Scotiabank also have their eye on Thailand’s currency. View article >
Most Asian currencies ended Wednesday higher against the dollar, albeit on a rather unspectacular day of trading. With a few exceptions, markets traded quietly ahead of the Jackson Hole symposium (24-26 August) at which Fed Chairwoman Janet Yellen and ECB President Mario Draghi might give important updates on monetary policy.
The star of the day in Asia was without doubt the Korean won. View article >
Within the past fortnight, Thailand’s baht has overtaken the Korean won to become Asia’s best performing currency. The baht’s outperformance will, however, be short-lived according to Thailand’s finance minister Apisak Tantivorawong.
Even after some small measure of stability in the dollar in recent days, the baht remains up almost 8% against the world’s reserve currency and trades currently at levels not consistently seen since May 2015. View article >
In an acknowledgement of the Thai baht’s rapid rise against the US dollar this year, deputy governor of the Bank of Thailand, Mathee Supapongse, said this week that Thai companies should consider hedging against future baht appreciation.
Against the dollar, the baht has risen 7% so far in 2017, making the currency the second best performer in Asia behind only the Korean won, which is up nearly 8%. View article >
Oh dear. What a mess.
So much had been hoped for the US dollar in 2017 but how those mighty hopes have fallen.
The US dollar fell sharply on Friday, adding to what has already been a pretty horrible year for America’s currency. Of special note were USD/THB, USD/SGD, USD/AUD, USD/GBP, USD/CAD and the US Dollar Index, which all fell to long-term lows. View article >
Thailand’s baht remains one of Asia’s best performing currencies this year.
Against the US dollar, the baht has gained more than 5% in 2017 and is now buying $0.029, putting it back at 2015 levels.
Against the Japanese yen, although the baht has gained only half as much in percentage terms as it has against the dollar, today’s rate of ¥3.346 marks a seventeen-month high in the baht’s buying power. View article >
A rally in the US dollar prompted by moderately hawkish Fed speakers pushed emerging market Asian currencies such as the Thai baht, Philippine peso and Malaysian ringgit lower on Tuesday. Asian currencies from developed economies but which nonetheless remain second tier and under the “emerging” umbrella, such as the Korean won and the Taiwan dollar, also declined.
Charles Evans, President of the Chicago Fed, said on Tuesday that US economic fundamentals are good and that he expects inflation to rise, although he did hint that the Fed could wait until December before raising interest rates again. View article >
The market received surprising trade data from Japan on Monday. What had been expected as a ¥43 billion trade surplus for the month of May was actually a deficit of ¥203 billion. April’s surplus had been ¥480 billion.
The data came as a surprise to many given that the Japanese economy had seemingly been picking up steam in recent months.
Japan’s currency, the yen, is considered the FX world’s premier safe haven in part because of the country’s consistent ability to run a trade surplus – a feature which was most evident between the mid-1980s and 2008 and which makes Japan stand out from other developed economies such as the US, UK and Euro area. View article >
The Thai baht had its best day yesterday since March and has forced itself to 22-month and 15-month highs against the US dollar and Australian dollar respectively.
USD/THB fell by 0.55% yesterday to 34.15, finally breaking the 34.25 level that had held the pair up since April 3rd. And the baht has strengthened again this morning, adding a further 0.25% in gains against the American currency. View article >