Author Topic: Strong baht  (Read 18612 times)

Offline thaiga

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Strong baht
« on: June 14, 2019, 01:18:20 PM »
Strong baht to deliver Bt66 bn hit

THE strengthening baht could wipe as much as Bt66 billion off the value of Thailand’s exports this year, research shows.

After a rocky start to the year, the outlook for exporters is set to worsen, according to the research unit of TMB Bank, which points to the monetary easing of central banks in major economies – including the United States, Europe and Japan – that could push the baht to a further 5 per cent gain by the end of this year.

TMB Analytics said exports - excluding gold and weapons - contracted by 4 per cent year on year in the first four months of this year. For the rest of the year, exporters face heightened risks and fluctuation in value in light of uncertainties from the trade sparring between the US and its major trading partner countries, notably in Europe and China.

The baht is projected to stay at 31.2 to the US dollar until the end of this year, up 5 per cent from last year.

 The expected baht appreciation of 5 per cent could cut companies’ profits by about Bt17 billion.

Those business sectors that rely on export income and use local materials will suffer the worst impacts, with an estimated income loss of Bt66 billion and a projected gross profit margin drop of 0.3-3.2 per cent. This group includes producers of rubber products, seafood, meat and accessories.

Expected to benefit from the situation are those businesses that distribute products locally and import raw materials. They will gain from an estimated reduction in imported materials of Bt62 billion, and an increase of 0.3-4.9 per cent in gross profit margins. This group includes producers of machinery and parts, steel and other metals, electrical appliances, textiles, and medical products and equipment.

Those reliant on export income and import raw materials will not experience impacts, due to the effect of a natural hedge. This group includes producers of auto parts, beverages and chemical products.

Businesses engaged in agriculture that rely mainly on exports and use local materials have been pressured by the baht’s appreciation, as well as from existing problems including low prices, high competition and sluggish global markets, said Jitipol Puksamatanan, a strategist at Krungthai Bank.

If the baht continued its appreciation several business sectors - particularly small and medium-sized enterprises (SMEs) - will be affected or, at the worst, shut down their operations, he said.

 “If the situation continues, and Thailand still faces a current account surplus, the baht will likely appreciate further. Management must focus on the long term. It’s difficult to [imagine a scenario where we] have a chance to see a baht depreciation. We have to find ways to develop products to compete with others,” he said.

Based a survey by The Nation, the baht switched to a sharp appreciation after the US Federal Reserve signalled more monetary easing, which promoted market expectations for two to three possible interest rate cuts this year.

Within the region, the baht hit its highest level in more than 25 years against the Malaysian and Indonesian currencies. It was trading at 7.50 to the ringgit, marking a gain of 42.3 per cent from its previous high of 12.99 per ringgit. At 2.19 to Indonesia’s rupiah, it is up 82.6 per cent from its prior high of 12.60.

Against the Indian rupee, the baht was trading at its highest in 21 years and seven months, at 0.45 to the rupee. This represents a jump of 62.5 per cent from its last high at 1.40 to the rupee.

 The baht has appreciated against Vietnam’s dong by the most in 20 years and four months, at 0.0013 per dong. This is up 99.9 per cent from its last high at 2.71 per dong.

Against the Philippine peso, the baht is at its strongest in 20 years, rising to 0.6 per peso, up 40.6 per cent from its last high at 1.01 per peso.

Farther afield, the Thai currency has appreciated against the British pound by the most in 22 years and four months, at 39.7 to the pound. This is up 56.2 per cent from its last high at 90.72 to the pound.

 Against the Australian dollar, the baht has gained the most 18 years and six months to 21.70, up 41.2 per cent from its last high at 36.90 to that unit.

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Online coolkorat

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Re: Strong baht to deliver Bt66 bn hit
« Reply #1 on: June 14, 2019, 05:06:30 PM »
Thaiga, I wonder if this will have any impact on the government, and perhaps prompt some moves towards devaluation? With foreign currency reserves of over US$200b there should be major investments in infrastructure (and there certainly are major projects) but some of this sovereign wealth could also be directed towards creating better relations with Thailand's direct neighbours. It should also be directed to education, IT and digital, and environmental improvements. Possibly Thailand has never 'had it so good', and this dividend should be used now for the benefit of future generations.

Offline Taman Tun

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Re: Strong baht to deliver Bt66 bn hit
« Reply #2 on: June 15, 2019, 10:41:36 AM »
there should be major investments in infrastructure

Yes, I hope there will be lots more investment in rail projects in order to keep me employed well into my dotage.
However, I think that the infrastructure investment which will most benefit Korat is the M6 motorway which will really speed up journeys into Bangkok.  The M6 should open next year and will deliver far greater benefits than high speed rail or double tracking.
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Offline thaiga

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Re: Strong baht to deliver Bt66 bn hit
« Reply #3 on: June 15, 2019, 01:48:29 PM »
Thaiga, I wonder if this will have any impact on the government, It should also be directed to education, Thailand has never 'had it so good'
Hi CK  nice to hear from you, yes education is a wonderful thing, but alas TIT how many kids get killed every day on the roads and what is done about it.
that should be given some thought. Road accidents remain the second leading cause of death for children in Thailand, especially motorcycle accidents, which account for more than 70 percent of all road deaths. so many of these tragedies can be prevented.

another thing why mess about with peoples bank account ( visa wise ) when the poor old expat is being battered already @ exchange rates, brexit and the likes of, WRONG TIMING, that's not clever. did i say education is a wonderful thing, can you imagine everyone here being top notch educated, they might start seeing into things they never see before. now that wouldn't do would it.

my regards to derek i hope he has a full recovery, TTFN.

PS: don't forget the  Tum Yum Kung Crisis :-[
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Offline thaiga

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Re: Fed pushes baht to 6-year high
« Reply #4 on: June 22, 2019, 09:03:28 PM »
Fed pushes baht to 6-year high

THE baht has hit a six-year high, propelled to 31.05 to the US dollar yesterday after the US Federal Reserve signalled possible interest rates cuts of as much as half a percentage point over the rest of this year.

The Fed’s flagging of monetary easing comes in response to increased economic uncertainty and a drop in inflation expectations. That was enough to push the baht to its highest since October 2013.

At a meeting on Wednesday, the Fed kept interest rates on hold in a 2.25-2.5 per cent target range, amid the US economic uncertainties and the trade tensions with China.

The president of the St Louis Fed, James Bullard, voted against his colleagues by seeking a 25 basis point cut in the benchmark interest rate.

 Bank of Thailand or BOT’s assistant governor financial markets operation group Vachira Arromdee said that BOT has monitor baht strong within two weeks that is following the both internal and external factor that impact to baht currency strong when compare with others currency in this regional.

However, if baht still strong higher than others currency by did not relate with the country’s economy based and may be impact with the real economy and the country’s industry, the BOT will restrict with all of financial transaction that has signed to use Thailand to be short-term money supply to speculate on the baht, she said.

However, BOT warning private sector to manage their financial risk that will impact from external factor that may be impact with the country’s currency, she said.

“In this time is the best time for private and publics sector pay back their loan or their expansion such as invest to buy machinery or investment in term of foreign currency that will benefit for the business when baht strong,” Vachira said.

Jitipol Puksamatanan, chief markets strategist at Krungthai Bank, said it was noteworthy that one Fed member voted for a rate cut, with seven of the Fed’s 17 policymakers foreseeing the rates cuts amounting to 50 basis points this year.

The Fed also introduced some new phrasing in its announcement, describing the economy moving to moderate economic growth from solid growth, while inflation still held below 2 per cent. It added the word “uncertainties” and dropped “patient” from its statement, suggesting the Fed’s main attention is with the economic uncertainties.

US stocks rose after the statement, with the S&P500 Index edging up 0.3 per cent. The yield on 10-year US bonds fell 3.3 basis points to 2.03 per cent. The US dollar depreciated against all assets - from the major currencies to crude oil and gold.

Risk appetite growing

The baht is believed to have gained support from capital markets, which are open to more risks and the prospects coming from a clearly easing US monetary policy.

Major risks to US dollar’s continued depreciation are the trade negotiations and the US economic slowdown as a result of the political uncertainty. The Thai currency is forecast to stay in a range of 31.15 to 31.25 to the US dollar.

The Stock Exchange of Thailand Index yesterday continued its rise after surpassing 1,700 points on trade value of Bt107.56 billion on Wednesday. It ended yesterday at 1,717.82 points, up 11.84 points - or 0.69 per cent - from Wednesday’s close. The trading value was Bt75.52 billion. Foreign, institutional, and proprietary investors made net purchases of Bt4.48 billion, Bt1.49 billion, and Bt367.09 million, respectively.

On the domestic economic front, Thanavath Phonvichai, director of the University of the Thai Chamber of Commerce, said that the TCC Confidence Index in May fell to 47.4 from 47.8 in the previous month.

The index is compiled from a survey of chairmen and directors of chambers of commerce nationwide from May 29 to June 5.

The National Economic and Social Development Council’s announcement of a drop of in economic growth for the first quarter of this year - to 2.8 per cent from 3.6 per cent in the same period of last year - was cited for a decline in the confidence levels.

Other negatives that eroded confidence included a year-on-year drop of 2.57 per cent in exports for April, the SET Index’s 53.3 point slump, concerns over the escalating US-China trade war, Thailand’s rising cost of living and the high prices of products and services. Also cited was the imbalance between people’s incomes and their costs of living.

However, some factors give cause for optimism, such as the Monetary Policy Committee’s recent decision to hold the policy rate steady at 1.75 per cent, along with the slight baht appreciation to 31.796 per US dollar at the end of May from 31.86 at the end of this April.

Also helping is an improved outlook for tourism, higher agricultural production to meet increased market demand, and the government’s measures to enhance farmers’ efficiency.

Business operators have urged the government to ease the high living costs for ordinary people as part of efforts to reduce income inequality, while stimulating public investment.

Advances in the country’s transport system should be pushed to increase connectivity and help spur economic expansion. More efforts are also being sought to promote new export markets for agricultural products amid the US-China trade war. Tourism destinations in smaller communities should be promoted, alongside support for greater marketing opportunities for the products under the One Tambon, One Product scheme, business leaders say.

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Offline thaiga

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Re: Strong baht - Bank of Thailand eyes measures to curb hot money
« Reply #5 on: June 26, 2019, 09:24:28 PM »
Bank of Thailand eyes measures to curb hot money

The Bank of Thailand (BoT) is set to implement measures to curb hot money following the baht's rapid gain.

"The measure is expected to be taken soon. The central bank already has measures to take care of the foreign exchange rate," said Monetary Policy Committee secretary Titanun Mallikamas.

The central bank has closely monitored offshore fund inflows, especially those flowing into short-term bonds, he said, adding that the inflows could be for both speculation and investment purposes as Thai bonds are considered to be safe haven assets.

The rate-setters expressed concern that the baht's rise might not be consistent with economic and fundamentals and would continue closely monitor developments of exchange rates and capital flows, he said.

The baht is the top performing currency in Asia with a roughly 5.5% gain against the greenback this year. The rapid appreciation has prompted worries that it is eroding the country's competitiveness and deepening the export slump.

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Offline belzybob

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Re: Strong baht to deliver Bt66 bn hit
« Reply #6 on: June 27, 2019, 07:57:24 PM »
They need to do something before the tourist income disappears entirely; by that I mean the non-Chinese tourism, as Thailand makes sod all from them.

Offline thaiga

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Re: Strong baht - Saha scales back as baht goes up
« Reply #7 on: June 27, 2019, 10:36:23 PM »
Saha scales back as baht goes up

Consumer spending remains far from improved in the first half of the year as the gloomy export outlook weighs on economic growth.

Overall spending power has reached the most critical level in the past five years, said Boonsithi Chokwatana, chairman of consumer goods conglomerate Saha Group.

"Consumer spending in the past few months has been a source of concern because the export value of farm products fell sharply due to the strong baht," Mr Boonsithi said.

“The situation may get worse in the second half unless the government moves quickly to rein in the baht to 34 [to the US dollar] from an of average of 31 now.”

Apart from agriculture, the textile sector has also felt the pinch of a strong baht.

Saha Group, which engages in all aspects of textiles from downstream to upstream, is heavily affected by the baht's strength, he said, adding the group has already scaled down its textile business.

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Offline thaiga

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Strong baht sends jitters through Thai export sector

Thailand’s private sector has expressed serious concern over the strengthening baht, which has rallied to its highest level against the US dollar for six years and may badly affect the country’s exports of agricultural produce and consumer products.

The baht has gained 5.5% against the US dollar since January and now stands at 30-31 baht per US$, outperforming other currencies in the region.

Mr. Boonyasith Chokwatana, chairman of the Sahapat Group, a leading Thai distributor of consumer products, has urged the government to address the problem as a matter of urgency to protect the export sector.

He noted that the ideal baht value against the US$ should be around 34.

Thai Rice Exporters’ Association president Mr. Charoen Laothammatat, said that Thai rice exports this year might not reach the 10-million tonnes target, set by the Commerce Ministry, due to the unusually strong baht.

Mr. Titanun Mallikamas, assistant governor of the Bank of Thailand for monetary policy, said that the central bank has been closely monitoring short-term fund inflows, which he described as inconsistent with economic fundamentals. He indicated that the central bank might take measures to curb the short-term capital inflows if they continue.

Mr. Pornchai Thiravej of the Fiscal Policy Office admitted that the ongoing US-China trade war, which has affected Thai exports and tourism, combined with the strong Thai currency, are exerting substantial pressure on the domestic economy.

He said that Thailand is hoping that the G20 meeting in Osaka, Japan, will be able to develop measures to ease the global economic slowdown.

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Offline thaiga

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Re: The Thai Baht in 2022 – a prediction
« Reply #9 on: June 30, 2019, 01:22:17 PM »
Please note: This is just ONE website’s predictions of the currencies in the future. It should not be taken as a serious representation of the state of the world currencies in 2022.

The Thai Baht in 2022 – a prediction

Trying to find a few good numbers amid the bad we thought we’d look forward three years to some of the world’s major currencies and their projected performance against the Thai Baht. Of course these are just predictions, according to longforecast.com (you can check out your currency predictions there).

The Economy Forecast Agency (EFA) is specialised on long-range financial market forecasts for corporate clients. We use reliable models for long-term forecasting crude oil prices and precious metals prices, FX rates, interbank interest rates, stock indices and some other macroeconomic indicators. The Economy Forecast Agency is independent from any banks, funds and other market players. We provide with original forecasts based on our unique methodology.

Our specialists use mathematical and statistical methods of prediction based on the existing historical data. They take into account the following factors with varying degrees of importance: cyclic recurrence, knowing correlation of market indicators, changes in the availability and attractiveness of the instrument for speculators, electronic and algorithmic trading growth, regulatory intervention degree and frequency of significant events over time.

Projecting ourselves into 2022 the news, for people looking for some relief against a strong baht, is that it’s predicted to get stronger, not weaker, against many of the world currencies. Of course there are many, many things that may affect the predictions during the next three years but, for now, the outlook from this currency site, is that the Thai Baht will continue its surge skyward against other currencies.

Firstly, the USD vs the THB. Today sitting at 30.67, up a little from last weeks dip at 30.05. At one stage in 2022 it’s predicted to drop to as low as 28.67. Against a weaker USD (compared to the THB), both the British Pound and Australian Dollar are predicted to drop in value against the USD as well. This puts them buying 5-15% less Thai Baht in 2022, according to this data.

But the Euro is showing signs, in this three year projection, to holding value against the USD. But that means it will also be dropping in real value against the Thai Baht, although less than some of the other currencies.

Other than sorting through the tea leaves or dusting off the crystal ball, this is the best we can do at a stab-in-the-dark as to where the Thai currency might be in three years time.

Data from longforecast.com



USD v Thai Baht



USD v British Pound



USD v Australian Dollar



USD to Euro

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Offline Johnnie F.

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Re: Strong baht to deliver Bt66 bn hit
« Reply #10 on: June 30, 2019, 02:39:33 PM »
Glad to see the Euro gaining towards the Dollar, but it can't make up the Baht's increasing overvalue.

Offline thaiga

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Re: Baht’s strength to continue
« Reply #11 on: July 01, 2019, 12:42:52 PM »
Baht’s strength to continue: KTB specialist

 Monday’s strong baht showing to rise Bt30.66  from Bt30.67 per US dollar on Friday, Krung Thai Bank's chief markets strategist Jitipol Puksamatanan said on Monday.

The baht has signed to continue its strength following capital inflow rising, although the resumption of US-China trade talks also points to a relaxing.

“We forecast the baht ranks between Bt30.60 and Bt30.70 per US dollar on Monday and will trade between Bt30.40 and Bt31.90 per US dollar in this week," he said.

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Offline thaiga

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Re: Falling baht a sign of things to come
« Reply #12 on: July 02, 2019, 08:39:30 PM »
Falling baht a sign of things to come

The baht has weakened against the US dollar, opening at Bt30.70 on Tuesday after closing at 30.67 the day before.

Jittipol Puksamatanan, financial strategist at Krungthai Bank, believes the markets are preparing for a strengthening of the dollar, while the Bank of Thailand has also introduced a policy of lowering overall liquidity by Bt20 billion, forcing short-term interest rates to fall.

“Last night the market was highly active due to the finalization of the US-China trade war and markets around the world rose – the US S&P500 went up by 0.77 per cent, setting a new record, while in Europe the STOXX50 index rose by 0.69 per cent, and the FTSE100 surged by 0.97 per cent, aided by the weakening of the Euro and British pound,” he said.

Markets exposed to risks and ongoing European political problems have helped the dollar to rebound by 0.45 per cent against the major currencies, while alternative assets, such as gold, fell by 0.50 per cent to USD1,388 per ounce.

Meanwhile, the slowing Japanese production sector caused by the trade war had lowered Japan’s production sector confidence index (Tankan) from 12 points to 7 points. Similarly in China, the Caixin Manufacturing PMI has dropped from 50.2 points to 49.4 points, and in the US, the ISM Manufacturing PMI has fallen from 52.1 points to 51.7 points.

“This points out that the global production sector is slowing down due to the trade war,” Jittipol said.

Meanwhile, Thailand's Consumer Price Index (CPI) in June showed inflation dropping from 1.15 per cent in May to 0.87 per cent. Factors include lower energy prices and transport costs compared with the same period last year.

The financial markets have been strengthening amid continuing strength in the baht against other Asian currencies, causing the Bank of Thailand to lower liquidity by Bt20 billion in order to force rates to fall.

“We believe this [BoT policy] will not affect the markets,” he said.

“However, the financial markets during this quarter are still interesting as investors are in a highly careful mode, and the [US} Fed might decrease true interest in September while the economic figures are declining globally.

“Thus the dollar has a chance to rebound once the risk market closes.”

The Baht was expected to remain in a Bt30.65-30.75 range against the dollar on Tuesday.

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Offline thaiga

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Re: Strong baht - Could the baht strengthen even further?
« Reply #13 on: July 04, 2019, 09:09:10 PM »
Opinion

Could the baht strengthen even further?

Just the other morning before I woke up, I dreamed that I was in line at a bank waiting to change my Thai baht into US dollars for an overseas trip. Once I got to the teller, she told me that today's baht-to-dollar exchange rate was 25.8 and asked how many dollars I wanted. I asked her to repeat the exchange rate again and she confirmed the rate of 25.8 baht to the dollar. I told myself that this must be a dream, and I woke up.

Yes, it certainly is a dream and the Thai baht will never get to that level, but it looks like it could become even stronger than the current ratio of 30.59 baht per dollar. There are two reasons for this possibility and neither of those have to do with the state of the Thai economy or Thai politics.

The first reason is that the US is likely to lower its interest rate by at least half a percentage point this year. Of course, President Trump will pressure the Federal Reserve Board (the Fed) to lower interest rates for the benefit of the economy and the upcoming presidential election.

But the real reason is that US interest rates are the highest among developed nations, and developed nations are lowering their interest rates even further. The United States' 10-year bond yield, which is the first mover for all domestic interest rates, is also the highest among those of other developed countries, and this is the reason why the Fed cannot keep the current level of interest rates.



Even if the Fed shaves half a percentage point off its key interest rate, US rates are still higher than their peers' by a wide margin. And even if 1% is taken off the current 2.5% Federal Fund Rate, US rates will still be the highest among developed countries. On this point, I don't see any reason why the Fed would not lower its interest rates.

Additionally, other developed countries are also lowering their interest rates, which will make the rate differentials even wider. Australia is the latest example of this, as its central bank cut key interest rates by 0.25% to 1.0% on July 1.

On a technical note, one can clearly see that the short-term federal fund rate is higher than the long-term rate of the 10-year bond. This concept is called an inverted yield curve, which is a warning sign of another economic recession, and the Federal Reserve still wants to fix that.

After the Fed lowers its key rate, what will happen? Will capital or dollars flow out of the US to a "currency safe haven"? The big question is where the money will go to. I'm no currency wizard, so please don't hold me responsible for the answer.

The golden rule is that when the situation becomes uncertain, money goes to where it's safe, hence the term "safe haven". In this case, that safe place is in countries where international reserves to gross domestic product (GDP) are high. Switzerland tops this list as its international reserves are higher than its GDP.



It's no wonder that the Swiss franc has appreciated by over 80% against the US dollar over the course of the past 10 years. As the influx of capital doesn't necessarily benefit the economy, Switzerland has tried to wade off the incoming capital by lowering its interest rates to a deep, negative level. Thailand's international reserves to GDP ratio is also very high, especially when compared to Japan, South Korea and China. Our country is certainly on the top of the "currency safe haven" list.

You will find the answer to the future of the Thai baht when you look at both the 10-year bond yields of developed countries and the list of countries with high levels of international reserves to GDP. The US's high 10-year bond yield means capital will flow out of the US and into safe havens.

And Thailand's high ratio of international reserves to GDP means the Thai baht is definitely high on the safe haven list, and more capital will be coming into Thailand. Also, unlike Switzerland which has a negative interest rate, our current 10-year bond yield is currently at 2.1%, which is a rare plus. Therefore, the Thai baht will become stronger in the not-so-distant future.

So, how strong will the baht become? I could make a guess according to the relative numbers, but I would rather not because this isn't a "get rich quick" article, but rather an informative one.

People tend to associate high levels of international reserves and strong currencies with robust economies. That used to be true under the fixed exchange rate system, because the country needs a high level of reserves to keep its exchange rate fixed.

But under the flexible exchange rate system that Thailand adopted in July 1997, countries do not need large reserves to maintain strong economies. EU countries, including the United Kingdom, are good examples. Their international reserves to GDP ratios stand at about 5%.

On the other hand, a level of international reserves that is too high can be harmful to economies. That's because as the central bank accumulates foreign reserves, it has to allow more foreign money to pass into its economy.

This excessive money creates excessive debts. Switzerland, for instance, has the world's highest international reserve to GDP ratio, while at the same time, it has the world's highest household debt to GDP ratio of 128.7%.

Think, Bank of Thailand, think.

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Offline thaiga

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Re: Strong baht - Bank of Ayudhya sees baht peak in Q2 2020
« Reply #14 on: July 04, 2019, 09:12:33 PM »
Bank of Ayudhya sees baht peak in Q2 2020

Bank of Ayudhya (BAY) projects an upward bias for the baht until mid-2020, with the currency surpassing 30 to the US dollar in the first quarter of next year.

The baht is expected to hover around 30.75 to the dollar in the third quarter of this year before marching higher to 30.50 in the final quarter, said Roong Sanguanruang, vice-president for global market research and analysis at BAY.

The firmer baht is expected to move in a range of 29.75-31.25 during the first quarter of next year and 29.50-31 in the following quarter.

The baht could peak at 29.50 in the second quarter of 2020, Mrs Roong said.

The US-China trade brawl remains the major threat to both the economy and money markets worldwide and is pushing up the baht, she said.

The local currency is the best performer in Asia against the dollar, up about 6% this year.

Swiss-based private bank Lombard Odier recently forecast the baht to surpass the 30 mark in the second half of this year.

BAY’s head of the global markets group, Tak Bunnag, said Thailand’s solid economic fundamentals, particularly the high current account surplus of 6% of GDP and international reserve of more than US$210 billion, are attracting offshore fund inflows and lending support to the baht.

“There are only two safe-haven currencies around the world now, Japanese yen and the baht, and the baht is the only safe-haven currency among emerging markets,” Mr Tak said.

With the baht’s appreciation trend, local business operators are keen on hedging foreign exchange risk through dollar options and having higher exposure to regional currency settlement, especially in Chinese yuan, Indian rupees and Malaysian ringgit.

Larger local currency settlement also reflects higher intra-Asian trade, Mr Tak said.

bangkokpost.com
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Offline Johnnie F.

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Exchanging GBP to THB
« Reply #15 on: July 10, 2019, 10:06:54 AM »
The world seems preparing for the hard Brexit. I can understand some Korat-Brits' headaches: life over here's not getting any cheaper!

And Donny the BigD definitely helps with his twittering about UK politicians and diplomats.

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Re: Exchanging GBP to THB
« Reply #16 on: July 29, 2019, 03:12:31 PM »
I should better not comment on this: The world loves Boris!


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Re: Exchanging GBP to THB
« Reply #17 on: July 29, 2019, 07:37:04 PM »
Looks like it wasn't Boris and Brexit alone, that made the pound go down so much: Barclays, Citi and others face £1bn UK class action over FX rigging

Offline Johnnie F.

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Re: Exchanging GBP to THB
« Reply #18 on: July 30, 2019, 10:12:35 AM »
Another reason for this drastic drop in value could be the problems GB is facing in the Strait of Hormuz, the sending of warships there. It might please BigD in Washington to have an ally in his attacks on Iran, but it will be hard on Brit expats in Korat, when due to the exchange rate their pensions aren't sufficient anymore to get the extension of stay in Thailand.

Offline Johnnie F.

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Re: Exchanging GBP to THB
« Reply #19 on: August 03, 2019, 09:09:13 AM »
Down, down! But their 70 hrs guarantee means, they don't expect it to be still very much lower on Monday, a turning point or at least bottom is in sight.

Offline belzybob

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Re: Exchanging GBP to THB
« Reply #20 on: August 04, 2019, 01:27:59 PM »
You guys should just be glad you aren't reliant on the Australian dollar, its sinking against everything! Small compensation that the small work pension I get sent out here from the UK is going up as the dollar drops.

Offline Johnnie F.

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Re: Exchanging GBP to THB
« Reply #21 on: August 12, 2019, 10:11:36 AM »
 :o

I can remember, when there were 35 baht to the pound, but then the US$ was 25 (now 30.4), and you could still get a lot more for the baht.

 



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