Fall of the Thai Baht

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hhfarang
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Fall of the Thai Baht

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Thailand’s baht recorded its biggest weekly decline since May as the government cut its forecast for economic growth and the Federal Reserve said it’s on track to raising interest rates this year.

Southeast Asia’s second-biggest economy may expand 3 percent in 2015, slower than an April estimate of 3.7 percent, as exports struggle to recover, Finance Minister Sommai Phasee said Wednesday. A drought linked to the El Nino weather pattern presents a “downside risk” to the government’s projection, Bank of Thailand Governor Prasarn Trairatvorakul said the following day.

The baht weakened 0.6 percent from July 10, the biggest decline since the five days through May 29, to 34.149 a dollar as of 4:01 p.m. in Bangkok, according to data compiled by Bloomberg. The currency rose 0.2 percent Friday, rebounding from a six-year low of 34.24 reached earlier.

“The baht’s outlook remains weak as the drop in exports and domestic consumption has derailed the economic recovery,” said Kobsidthi Silpachai, head of capital markets research at Kasikornbank Pcl. “Higher possibility of a U.S. interest-rate increase will also put pressure on the currency.”

http://www.bloomberg.com/news/articles/ ... cmpid=yhoo
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brianks
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Re: Thai Baht Drops Most This Week Since May on Growth Outlook, Fed

Post by brianks »

Oh, sweet be Jesus! The sky is falling in the right direction now.
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hhfarang
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Re: Thai Baht Drops Most This Week Since May on Growth Outlook, Fed

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^ That's all a matter of your perspective. Now that I live outside Thailand and still have assets in Thailand the other direction would be better for me! :wink: :D
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hhfarang
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Baht Sinks to Six-Year Low as Central Bank Eases Outflow Rules

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My brain is like an Internet browser; 12 tabs are open and 5 of them are not responding, there's a GIF playing in an endless loop,... and where is that annoying music coming from?
brianks
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Re: Fall of the Thai Baht

Post by brianks »

HHfarang, you left us and don't want to live where most of us live now. It is indeed a nice "sky is falling in the right direction" for those of us who have stuck it out though thick and thin. Love to see it go up to 45 to 1 as it was when I first came here but will take anything over the 30-1 it was for so long. Monthly remittances are really looking good now. A little extra to put away or spend.
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StevePIraq
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Re: Fall of the Thai Baht

Post by StevePIraq »

US$ to Thai Baht 36.37- Back to 2009 rate - Looking good
Sterling to Thai Baht 55.09 - Back to 2009 rate - Looking good
AU$ to Thai Baht 25.87 - Back to 2009 rate - Looking bad
"Live everyday as if it were your last because someday you're going to be right." Muhammad Ali
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