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Baht weakens against dollar after tough talk by central bank

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Baht weakens against dollar after tough talk by central bank

By The Nation

 

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The baht weakened against the US dollar last week and was traded cautiously later in the week after the Bank of Thailand expressed concern about its movement and was ready to announce more measures to stabilise the currency if necessary. 

 

Meanwhile, the US dollar gained on better-than-expected US retail sales in December and weekly jobless claims data. The baht was also weighed down by net foreign stock-selling orders. However, regional currencies rose along with the yuan after the US removed China from the list of currency manipulators and the first phase of the US-China trade deal was officially signed during the week.

 

On Friday (January 17), the baht closed at Bt30.37 to the US dollar, after having briefly hit a three-month low of 30.53/USD, versus Bt30.24/USD reported for Friday (January 10).

 

During the week of January 20-24, Kasikornbank expects the baht to move within a range of Bt30.20-Bt30.60/USD. A key domestic factor to be monitored closely is Thai export data for December. 

 

Meanwhile, the US economic data to be released during the week include December Existing Home Sales, and November House Price Index. Market participants will also await the outcomes of the Bank of Japan and European Central Bank meetings, signs of the next phase of the US-China trade negotiations, as well as preliminary composite purchase managers index data for January of the US, the euro-zone, and Japan.

 

Source: https://www.nationthailand.com/business/30380817

 

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-- © Copyright The Nation Thailand 2020-01-20
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Anyone keeping chickens will be happy with this corn🤔

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Do these quotes represent "buying" or "selling" price? I check the on street exchange everyday, once in the morning and once in the evening and last week the "buying rate never went to 30.53. The bank rates were .20 to .30 lower. Why does Thai Visa bother to tell this to the public? It's an insignificant report. 

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So the world got scared because of the Thai Central Bank?

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1 hour ago, bronzedude said:

Do these quotes represent "buying" or "selling" price? I check the on street exchange everyday, once in the morning and once in the evening and last week the "buying rate never went to 30.53. The bank rates were .20 to .30 lower. Why does Thai Visa bother to tell this to the public? It's an insignificant report. 

It's the midpoint, to which is added or subtracted a margin by the buyer or seller.

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The Bank of Thailand has manipulated the Thai currency, or else it would have gone below 30 by now.

 

Not sure whether USA will label Thailand as 'currency manipulator' soon.

Edited by EricTh
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up and down as some parts of our bodies do..... nothing to worry about BOT (same as TAT) has everything under control, minor currency fluctuations as not to alarm Prayut and his (rich) friends

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32 minutes ago, EricTh said:

The Bank of Thailand has manipulated the Thai currency, or else it would have gone below 30 by now.

 

Not sure whether USA will label Thailand as 'currency manipulator' soon.

Below 30 would be 29, that would make it stronger!

 

But if you're intent on the manipulation theory, please explain to us how they manage to do it.

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