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Thai Baht currency market news
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 >
In Conan Doyle’s Hound of the Baskervilles, the legendary detective Sherlock Holmes solves a crime using his knowledge of what didn’t happen. Specifically, when Holmes learns that the victim’s dog had not barked during the night of the theft of a prized racehorse, Holmes knows that the offender is likely known to the dog – an insight which leads Holmes in the right investigative direction. View article >
The price of WTI crude oil rose by almost a dollar yesterday to $48.79 – it’s sixth daily gain in the past seven – and prices in the futures market for 62% iron ore held above $60 per metric ton, both of which gave a boost to commodities currencies.
Oil rallied after energy ministers from Russia and Saudi Arabia – the world’s top two oil producing nations – said yesterday that plans to limit oil output would be extended by nine-months to the end of Q1 2018. View article >
Yesterday on BestExchangeRates.com, we suggested that now might be the time to change your Australian dollars into Canadian dollars
, having seen the Aussie’s buying power reach 6-month highs on Tuesday.
Those words now seem prophetic, given what we saw yesterday in Australian dollar exchange rates. The Australian dollar tumbled across the board yesterday, including against the Canadian dollar.
At the end of the New York session, the traditional end of the FX trading day, AUD/CAD had posted its largest daily fall since April-2016 – a fall from highs near 1.0350 to 1.0190. View article >
On Friday, Scotiabank – otherwise known as the Bank of Nova Scotia – outlined four factors that would drive Asian currencies higher in 2017.
Investors would “pour funds” into Asian markets on the following grounds:
1) If the Bank of Japan and European Central Bank continue with their stimulus programs, providing “accommodative” levels of liquidity to the economy.
With three consecutive months of positive core inflation in Japan, it is unlikely that the BoJ will be ending stimulus any time soon. View article >
The Malaysian ringgit has been one of Asia’s worst performing currencies for some time.
Between May-2013 and September-2015 the exchange rate for MYR/USD declined from highs at 0.338 to 0.223 – a 34% fall in the currency’s value.
Markets gave the ringgit some respite between October-15 and April-16, a period in which the ringgit clawed back around half of the aforementioned losses, but then selling against the US dollar began again, which accelerated following the result of November’s US election. View article >