webfact Posted November 19, 2020 Share Posted November 19, 2020 Baht under pressure from BOT measures By THE NATION The baht opened at 31.31 to the US dollar on Thursday, unchanged from its closing rate on Wednesday. The Thai currency is likely to move between 30.20 and 30.40, said Jitipol Puksamatanan, senior director of the chief investment office at SCB Securities. On Wednesday night, the S&P 500 decreased by 1.2 per cent amid market concern over the dire Covid-19 situation in the US. The Stoxx 600 Index increased by 0.4 per cent due to investors’ hopes that the EU would issue a fresh stimulus package, he said. Meanwhile, the WTI crude oil price rose by 0.7 per cent, to $41.70 (Bt1,265) per barrel. The dollar continued to weaken, and the US Ten-Year Treasury yield decreased by 2 basis points to 0.88 per cent. Investors decided to invest in the yen as a safe-haven asset. Bitcoin was trading at $17,000 (Bt51,5856) amid speculation. In Thailand, the baht came under pressure from the Bank of Thailand’s (BOT) measures to prevent the currency from strengthening quickly. However, Jitipol said the recent movement of the baht was not mainly from speculation, so BOT will not implement strict measures targeting speculators. Source: https://www.nationthailand.com/news/30398202 -- © Copyright The Nation Thailand 2020-11-19 - Whatever you're going through, the Samaritans are here for you - Follow Thaivisa on LINE for breaking COVID-19 updates 1 Link to comment Share on other sites More sharing options...
Popular Post Susco Posted November 19, 2020 Popular Post Share Posted November 19, 2020 4 minutes ago, webfact said: The baht opened at 31.31 to the US dollar on Thursday, unchanged from its closing rate on Wednesday. Must be a different baht and dollar which they are talking about 3 1 Link to comment Share on other sites More sharing options...
Popular Post Maverell Posted November 19, 2020 Popular Post Share Posted November 19, 2020 One minute due to speculation, next not. The BoT are getting as bad as TAT. 5 Link to comment Share on other sites More sharing options...
madmen Posted November 19, 2020 Share Posted November 19, 2020 11 minutes ago, webfact said: However, Jitipol said the recent movement of the baht was not mainly from speculation, so BOT will not implement strict measures targeting speculators So expect gains to continue then 2 Link to comment Share on other sites More sharing options...
Popular Post worgeordie Posted November 19, 2020 Popular Post Share Posted November 19, 2020 Another no news, is good news, report from the Nation, wake me up when it drops 10 %.......???? regards Worgeordie 4 3 Link to comment Share on other sites More sharing options...
NCC1701A Posted November 19, 2020 Share Posted November 19, 2020 33 minutes ago, webfact said: The Thai currency is likely to move between 30.20 and 30.40, said Jitipol Puksamatanan, senior director of the chief investment office at SCB Securities. man he is really going out on a limb with that prediction. 1 Link to comment Share on other sites More sharing options...
Popular Post webfact Posted November 19, 2020 Author Popular Post Share Posted November 19, 2020 Thai central bank has intervened over rapid baht rise - governor By Kitiphong Thaichareon FILE PHOTO: A Thai Baht note with the images of King Maha Vajiralongkorn and the late King Bhumibol Adulyadej is seen during the coronation of King Maha Vajiralongkorn in Bangkok, Thailand, May 4, 2019. REUTERS/Navesh Chitrakar BANGKOK (Reuters) - Thailand's central bank has intervened in the baht <THB=TH> because the currency has appreciated too fast and impacted exporters, the country's central bank governor said on Thursday. The strength of the baht, driven by news about progress developing a coronavirus vaccine, had exacerbated the country's fragile economic recovery, Bank of Thailand Governor Sethaput Suthiwartnarueput told reporters. (Reporting by Kitphong Thaichareon; Writing by Orathai Sriring; Editing by Ed Davies) -- © Copyright Reuters 2020-11-19 - Whatever you're going through, the Samaritans are here for you - Follow Thaivisa on LINE for breaking COVID-19 updates ----------------------------------------------------------- Thai central bank intervenes to rein in currency powered by vaccine hopes By Kitiphong Thaichareon BANGKOK (Reuters) - Optimism that a coronavirus vaccine will revive Thailand's devastated tourist industry has driven up the baht <THB=TH> currency so fast that the central bank has been forced to intervene, its governor said on Thursday. Southeast Asia's second biggest economy shrank 6.4% in the third quarter after a slump of 12.1% in the preceding quarter. But news of promising vaccine candidates has boosted hopes for a revival in tourism to swell the current account surplus and lift the currency, said Sethaput Suthiwartnarueput, the governor of the Bank of Thailand. Already, the currency's strength has dealt exporters a blow, worsening Thailand's fragile recovery, he told reporters. "But the reality is we still don't know what the result will be... and will tourism really come back?" he added, saying the outcome also hinged on vaccine availability and use. "What we are concerned about is the currency has already strengthened too fast but there are no tourists yet." The baht was trading at 30.39 per U.S. dollar by 0827 GMT, off a more than 10-month high of 30.13 on Monday. Graphic: Thai baht vs U.S. dollar - A travel ban imposed in April to curb the outbreak has kept foreign tourists at bay. Last month, Thailand started to let a limited number of foreign visitors return, with quarantine restrictions. "In terms of flows back in Thailand, it is still early days, but some fast money seem to be getting interested again," said Nader Naeimi, head of dynamic markets at AMP Capital, referring to hedge funds. "It's always darkest before the dawn. It certainly felt pretty dark for Thailand only a few weeks ago." Foreign investors have bought $1.1 billion of Thai stocks since Nov. 10 after vaccine progress was announced. Thailand is not the only country where vaccine optimism has boosted the currency. Chinese state banks have also been active in yuan markets to try to rein their nation's currency. Over the past five years, the Bank of Thailand has intervened in the baht markets when appropriate, lifting international reserves by $100 billion, the governor said. Keeping the policy interest rate <THCBIR=ECI> at a record low of 0.50% was one step taken to deal with the baht's strength, Sethaput said. The central bank will hold a briefing on baht measures and capital movement on Friday, he added. ($1=30.36 baht) (Additional reporting by Tom Westbrook in Sydney; Writing by Orathai Sriring; Editing by Matthew Tostevin and Clarence Fernandez) -- © Copyright Reuters 2020-11-19 - Whatever you're going through, the Samaritans are here for you - Follow Thaivisa on LINE for breaking COVID-19 updates 4 2 3 Link to comment Share on other sites More sharing options...
Popular Post ezzra Posted November 19, 2020 Popular Post Share Posted November 19, 2020 (edited) The thing is that when they talk about THB exchange rates you'll find that there are dozens of rates all over the spectrum and every dick tom and harry will quat you a different one whether in Thailand of foreign financial institutions so confusing you don't who to believe... Edited November 19, 2020 by ezzra 5 2 3 Link to comment Share on other sites More sharing options...
Popular Post keith101 Posted November 19, 2020 Popular Post Share Posted November 19, 2020 21 minutes ago, webfact said: BANGKOK (Reuters) - Thailand's central bank has intervened in the baht <THB=TH> because the currency has appreciated too fast and impacted exporters, the country's central bank governor said on Thursday. So what has been done ? 16 2 Link to comment Share on other sites More sharing options...
Popular Post NCC1701A Posted November 19, 2020 Popular Post Share Posted November 19, 2020 29 minutes ago, webfact said: Thailand's central bank has intervened in the baht <THB=TH> because the currency has appreciated too fast and impacted exporters, the country's central bank governor said on Thursday. could you be more specific? 6 1 Link to comment Share on other sites More sharing options...
Popular Post PatOngo Posted November 19, 2020 Popular Post Share Posted November 19, 2020 7 minutes ago, keith101 said: So what has been done ? The hiso rich have already bought their USD! $$$$$$$$! 11 1 1 Link to comment Share on other sites More sharing options...
Popular Post PatOngo Posted November 19, 2020 Popular Post Share Posted November 19, 2020 1 minute ago, NCC1701A said: could you be more specific? It's a good time to buy a new beer bar in Hua Hin! 2 5 Link to comment Share on other sites More sharing options...
Popular Post Chivas Posted November 19, 2020 Popular Post Share Posted November 19, 2020 45 minutes ago, ezzra said: The thing is that when they talk about THB exchange rates you'll find that there are dozens of rates all over the spectrum and every dick tom and harry will quat you a different one whether in Thailand of foreign financial institutions so confusing you don't who to believe... No....Interbank is interbank simple as Tourist rates worldwide may differ and certainly do but the Baht takes its fix off the USD 24/7 (as all currencies do) If you know what the Interbank rate is you can calculate accordingly 4 1 Link to comment Share on other sites More sharing options...
Popular Post NCC1701A Posted November 19, 2020 Popular Post Share Posted November 19, 2020 (edited) This spike maybe in reaction to what they are talking about. red dot #1 insiders get the word. red dot #2 word hits the street. red dot #3 word hits Thaivisa. Edited November 19, 2020 by NCC1701A 4 3 Link to comment Share on other sites More sharing options...
Thaifly88 Posted November 19, 2020 Share Posted November 19, 2020 2 hours ago, NCC1701A said: could you be more specific? Central banks the world over can influence exchange rates by altering bank interest rates. Increasing the interest rate increases the currencies demand from foreign investors and thus also increases its exchange rate against other currencies. The opposite is true when the central bank lowers the interest rate. Many factors are at play here, but interest rates are one way a central bank can have some control of exchange rates. 1 Link to comment Share on other sites More sharing options...
thailand49 Posted November 19, 2020 Share Posted November 19, 2020 Shot their own damn foot with their big mouth and currency manipulation speculating how great Thailand is too invest????? 2 Link to comment Share on other sites More sharing options...
Falcon Posted November 19, 2020 Share Posted November 19, 2020 We received a TT payment from Hong king sent in usd to our account here yesterday and only received an exchange rate of 29.88, even after the banks website showing that the transaction rate was 31.10 for that day. 1 1 Link to comment Share on other sites More sharing options...
Baerboxer Posted November 19, 2020 Share Posted November 19, 2020 27 minutes ago, thailand49 said: Shot their own damn foot with their big mouth and currency manipulation speculating how great Thailand is too invest????? Do you have any evidence of currency manipulation? Details please. Or was it something you heard down the bar? 1 1 Link to comment Share on other sites More sharing options...
stigar Posted November 19, 2020 Share Posted November 19, 2020 4 hours ago, Susco said: Must be a different baht and dollar which they are talking about This rate is between banks 1 1 Link to comment Share on other sites More sharing options...
Moonfire Posted November 19, 2020 Share Posted November 19, 2020 Dollar weaken = means it is cheaper to pay off old debt. Japan safe haven = the county with the highest debt to GDP in the world over 200% US is around 65% ... Japan not really a safe haven ???? Dollar is only going to get weaker in a big way in the next few months, around February. High baht means harder to sell Thai products world wide, the second crippling blow after the virus. Land of tears coming if this keeps up. 2 Link to comment Share on other sites More sharing options...
natway09 Posted November 19, 2020 Share Posted November 19, 2020 When you have a good look at other countries situations & the predicaments they are in no wonder the Bht is strong. Look like achieving 90% of last years exports which is outstanding under the circumstances. And before getting on your bandwagon have a look at what that means in real $ terms Interest rates are at an all time low, what else can they do ?? Link to comment Share on other sites More sharing options...
Suradit69 Posted November 19, 2020 Share Posted November 19, 2020 4 hours ago, ezzra said: every dick tom and harry will quat you a different one Yes, the government is concerned about how much Harry “quats “ you for your $20 exchange transaction.at some nightly folding table currency exchange. Link to comment Share on other sites More sharing options...
kensisaket Posted November 19, 2020 Share Posted November 19, 2020 3 hours ago, NCC1701A said: This spike maybe in reaction to what they are talking about. red dot #1 insiders get the word. red dot #2 word hits the street. red dot #3 word hits Thaivisa. Expanding the <deleted> out of that chart sure embellishes the fact that there is only a 0.2 difference top to bottom. 1 Link to comment Share on other sites More sharing options...
NCC1701A Posted November 19, 2020 Share Posted November 19, 2020 20 minutes ago, kensisaket said: Expanding the <deleted> out of that chart sure embellishes the fact that there is only a 0.2 difference top to bottom. It is a chart for today to show the reaction to the announcement. Link to comment Share on other sites More sharing options...
Popular Post hotchilli Posted November 19, 2020 Popular Post Share Posted November 19, 2020 6 hours ago, webfact said: Baht under pressure from BOT measures Baht under pressure.... yeah okay. 1 2 Link to comment Share on other sites More sharing options...
miamiman123 Posted November 19, 2020 Share Posted November 19, 2020 Those currency inflows have got a big Chinese twist my friend! 1 1 Link to comment Share on other sites More sharing options...
miamiman123 Posted November 19, 2020 Share Posted November 19, 2020 Ok, did the governor of the bank of Thailand say what he’s going to do ????? Not a word but keep those tools in the tool chest! 1 1 Link to comment Share on other sites More sharing options...
ronaldo0 Posted November 19, 2020 Share Posted November 19, 2020 5 hours ago, PatOngo said: The hiso rich have already bought their USD! $$$$$$$$! Not to mention a load of property in uk seemingly ! Link to comment Share on other sites More sharing options...
Cattleman Posted November 19, 2020 Share Posted November 19, 2020 Lower cash rate to 0.1 % from 0.5 %, in line with the rest of the world . 1 1 Link to comment Share on other sites More sharing options...
Popular Post Mucky Posted November 19, 2020 Popular Post Share Posted November 19, 2020 Weird. No money circulating from tourist.. High export cost via soaring baht. Mass unrest in bkk with protest's everyday. Mass unemployment. Yet baht keeps surging ??? 7 2 Link to comment Share on other sites More sharing options...
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