webfact Posted July 11, 2022 Share Posted July 11, 2022 By Pichayapa Phiwpong After a short respite, the Thai Baht has begun its downward spiral and talks about possible intervention by the Bank of Thailand (BoT) was unable to help keep the Thai Baht from slipping to 36 baht to the US dollar. The continued slide by the Thai Baht has prompted Sethaput Suthiwartnarueput, Governor of the Bank of Thailand, to come out to say that the Thai Baht’s move was nothing abnormal and was in line with the currencies across the region and the world. ‘If you ask me whether the baht depreciation was abnormal, odd, or has gone completely too far from other currencies, my answer would be no,” Sethaput said at a seminar today. He said that the foreign exchange rate of the baht is only in the middle, leaning towards higher. The US dollar appreciated by about 11%, while the baht weakened by around 7% which is not as weak as the dollar strengthen, he said. Full story: https://www.thaienquirer.com/41662/bot-governor-defends-weaker-thai-baht-says-weaker-currency-is-nothing-to-worry/ -- © Copyright Thai Enquirer 2022-07-12 - Cigna offers a range of visa-compliant plans that meet the minimum requirement of medical treatment, including COVID-19, up to THB 3m. For more information on all expat health insurance plans click here. Monthly car subscription with first-class insurance, 24x7 assistance and more in one price - click here to find out more! 1 1 Link to comment Share on other sites More sharing options...
FalangTingTong Posted July 11, 2022 Share Posted July 11, 2022 Is this a weak Baht or merely a strong Dollar? Sure looks like the latter to me. If you want to see what a weakening currency looks like, check out the Hungarian Forint at the moment. 1 1 Link to comment Share on other sites More sharing options...
Popular Post RichardColeman Posted July 11, 2022 Popular Post Share Posted July 11, 2022 I can't see why the dollar is so strong - weak president - soon to be lame duck, debt to the eyeballs, printing money like nobodies business, high inflation problems, work shy workforce. Fed raises the rates 0.01% and boom its up against all currencies. Since the £ is stable against the baht - sort of even if slightly lower than was - and down against the $, it quite clearly is a mad strong dollar now. 3 1 3 Link to comment Share on other sites More sharing options...
Popular Post jacko45k Posted July 11, 2022 Popular Post Share Posted July 11, 2022 3 hours ago, FalangTingTong said: Is this a weak Baht or merely a strong Dollar? Sure looks like the latter to me. If you want to see what a weakening currency looks like, check out the Hungarian Forint at the moment. Strong dollar of course, one simply has to look to other currencies, it has reached parity with the Euro and 135 Yen, 4 Link to comment Share on other sites More sharing options...
Popular Post mikebell Posted July 11, 2022 Popular Post Share Posted July 11, 2022 The baht is strong v UKP - I say this through gritted teeth. 3 1 3 Link to comment Share on other sites More sharing options...
Popular Post khwaibah Posted July 11, 2022 Popular Post Share Posted July 11, 2022 CRASH BAHT CRASH 9 Link to comment Share on other sites More sharing options...
Popular Post ikke1959 Posted July 12, 2022 Popular Post Share Posted July 12, 2022 Stop manipulting iw ould say.... The THB can't be strong as there are too many negative factors.... 10 days ago 37.5 for a euro now 36.4.. It is not good fot tourism, Thauland will be too expensive..Rising prices, double pricing for foreigners, higher inflation than expected a censure debat coming up, and bad economical figures..... and still the THB moves in the wrong direction.. 8 1 Link to comment Share on other sites More sharing options...
zzaa09 Posted July 12, 2022 Share Posted July 12, 2022 3 hours ago, FalangTingTong said: Is this a weak Baht or merely a strong Dollar? Sure looks like the latter to me. If you want to see what a weakening currency looks like, check out the Hungarian Forint at the moment. Not a strong Dollar whatsoever, but a highly manipulated on false pretense - could easily be said of the Baht as well. 2 Link to comment Share on other sites More sharing options...
ThailandRyan Posted July 12, 2022 Share Posted July 12, 2022 The USD is up again today, albeit slightly. Lets see what the banking day here brings for all currencies. Link to comment Share on other sites More sharing options...
Popular Post ThailandRyan Posted July 12, 2022 Popular Post Share Posted July 12, 2022 (edited) 1 hour ago, RichardColeman said: I can't see why the dollar is so strong - weak president - soon to be lame duck, debt to the eyeballs, printing money like nobodies business, high inflation problems, work shy workforce. Fed raises the rates 0.01% and boom its up against all currencies. Since the £ is stable against the baht - sort of even if slightly lower than was - and down against the $, it quite clearly is a mad strong dollar now. @RichardColemanIs the Fed and US really printing money like nobodies business or are you just restating a tired old cliche, there is more to it, read the link and then you will understand why the dollar moves the way it does when the Fed does what it is doing.: https://www.thebalance.com/is-the-federal-reserve-printing-money-3305842 The Fed uses contractionary monetary policy to dry up liquidity. This has the same effect as taking money out of circulation. The Fed raises the fed funds rate to reduce the amount of capital in the money supply. Banks have less money to lend when this happens. They have to pay each other more to keep funds in the overnight account in order to fulfill the Fed's reserve requirement.5 Raising the fed funds rate causes all interest rates to increase. The Fed announced March 16, 2022, that it would raise the target fed funds rate by 25 basis points (0.25%) — the first such increase since 2018. It's part of an effort to combat rising inflation. The increase brings the target range for the fed funds rate to 0.25% to 0.50%. Before the announcement, the target rate was 0% to 0.25%.6 This practice makes it more expensive to borrow for business expansion, automobiles, and homes. It slows economic growth, drying up the demand that drives inflation. The Fed can also reverse the effects of quantitative easing (QE). It does this by selling Treasuries and mortgage-backed securities to its banks. The Fed removes dollars from the banks' balance sheets and replaces them with these securities.7 What happens to the dollars? They vanish. In other words, they go back into thin air, where the Fed got them in the first place. The US National Debt and other info in realtime https://usdebtclock.org/ Edited July 12, 2022 by ThailandRyan 2 1 Link to comment Share on other sites More sharing options...
Popular Post Sir Dude Posted July 12, 2022 Popular Post Share Posted July 12, 2022 (edited) Isn't "defending the baht" what led to the last disaster? That is how you deplete your Forex reserves... along with government dipping in. As long as the FED in the US is hawkish and raising rates, then you are going to get capital flight to a much less risky place with better returns Having a weaker baht should be conducive to Thailand to help it out of its post-pandemic malaise. Problem is, it doesn't serve the ends of the elite, vested interests, and certain individuals that like an over-valued baht. I very much doubt the best interests of Thailand are in consideration at the BOT as I'd guess they are merely puppets following orders, like the rest. Edited July 12, 2022 by Sir Dude 11 Link to comment Share on other sites More sharing options...
Berkshire Posted July 12, 2022 Share Posted July 12, 2022 For the first time that I can remember, the USD is actually worth more than the EUR in terms of THB: USD: 36.17 EUR: 35.97 Of course, this will change. Which way, who knows. Link to comment Share on other sites More sharing options...
Lucky Bones Posted July 12, 2022 Share Posted July 12, 2022 Currencies do what currencies do. They move. No need to panic. Link to comment Share on other sites More sharing options...
sanuk711 Posted July 12, 2022 Share Posted July 12, 2022 6 hours ago, FalangTingTong said: s this a weak Baht or merely a strong Dollar? Sure looks like the latter to me. If you want to see what a weakening currency looks like, check out the Hungarian Forint at the moment. Yes the latter of course---1 minute looking at the internet exchange tells us all that--- but for some unknown reason ASEAN keeps pushing this line....Just wish the $ OZ was as weak as the Baht. Link to comment Share on other sites More sharing options...
shackleton Posted July 12, 2022 Share Posted July 12, 2022 Besides the USA $ which is stronger against the Thai baht The pound is going lower against the $1.18 and 43 against the Thai baht I think it's wishful thinking on the pound sterling getting stronger against both currencies until the Government sorts out the mess of who is running the Country UK ???????? Link to comment Share on other sites More sharing options...
Reposed Posted July 12, 2022 Share Posted July 12, 2022 Weaker currency is as desirable as a weaker erection.... You can get much with it. Link to comment Share on other sites More sharing options...
sammieuk1 Posted July 12, 2022 Share Posted July 12, 2022 I have grow weak from waiting for the pound to recover from Brexit ???? 2 1 1 Link to comment Share on other sites More sharing options...
Daithi85 Posted July 12, 2022 Share Posted July 12, 2022 1 hour ago, Lucky Bones said: Currencies do what currencies do. They move. No need to panic. I think anyone using euros should definitely be worried.All downhill for the Euro. 1 Link to comment Share on other sites More sharing options...
Popular Post Enzian Posted July 12, 2022 Popular Post Share Posted July 12, 2022 A medium sized transfer from the US to my local baht account was recorded yesterday at almost exactly 35.6, on a day that the official Buy rate was a tad over 35.8 (I'm in effect buying baht with dollars, and can't do much about the result without changing banks). I can't really complain and while I know I can't time the market, conveniently the decision was made for me by the fact that I'm leaving in a few days, for months probably, and want my baht account to stay at a certain level. The dollar is strong, a safe haven, I assume more because of the global effects of the war in Ukraine than any other of the many factors. Just noticed that the Lao kip is falling to an almost catastrophic degree; might be bargain destination if civil unrest doesn't break out. 3 Link to comment Share on other sites More sharing options...
Black arab Posted July 12, 2022 Share Posted July 12, 2022 4 hours ago, RichardColeman said: I can't see why the dollar is so strong - weak president - soon to be lame duck, debt to the eyeballs, printing money like nobodies business, high inflation problems, work shy workforce. Fed raises the rates 0.01% and boom its up against all currencies. Since the £ is stable against the baht - sort of even if slightly lower than was - and down against the $, it quite clearly is a mad strong dollar now. The Gammon view. Link to comment Share on other sites More sharing options...
ThailandRyan Posted July 12, 2022 Share Posted July 12, 2022 24 minutes ago, Black arab said: The Gammon view. ? You mean a ham steak color... Link to comment Share on other sites More sharing options...
Nong Khai Man Posted July 12, 2022 Share Posted July 12, 2022 4 hours ago, khwaibah said: CRASH BAHT CRASH Bet it Bloody Won't Though !! 1 Link to comment Share on other sites More sharing options...
Thingamabob Posted July 12, 2022 Share Posted July 12, 2022 (edited) 4 hours ago, ikke1959 said: Stop manipulting iw ould say.... The THB can't be strong as there are too many negative factors.... 10 days ago 37.5 for a euro now 36.4.. It is not good fot tourism, Thauland will be too expensive..Rising prices, double pricing for foreigners, higher inflation than expected a censure debat coming up, and bad economical figures..... and still the THB moves in the wrong direction.. Upwards manipulation of the baht has mostly been the norm here in order to assist the elites with their overseas investments in property etc. However they got badly caught out in the 1997/8 crash, but I doubt they will allow that to happen again. I seem to remember getting 70 baht plus to the UK pound around that time. Happy days ! Edited July 12, 2022 by Thingamabob 1 Link to comment Share on other sites More sharing options...
Caldera Posted July 12, 2022 Share Posted July 12, 2022 I've said it before but it's worth saying it again (with dollar signs in my eyes for effect)... Long may it last, deep may the baht SINK. 1 Link to comment Share on other sites More sharing options...
connda Posted July 12, 2022 Share Posted July 12, 2022 I'm a fan of 36THB/1 USD. Works for me. 1 Link to comment Share on other sites More sharing options...
Berkshire Posted July 12, 2022 Share Posted July 12, 2022 10 minutes ago, connda said: I'm a fan of 36THB/1 USD. Works for me. Works for me too. You'd think the USD flying against the THB would put this "manipulation" idea to rest. But not to be. People should realize that the strength of their home currency has more to do with what's going on back home, not what the Thais are doing. Crying manipulation all the time is nonsensical. 1 Link to comment Share on other sites More sharing options...
Harveyboy Posted July 12, 2022 Share Posted July 12, 2022 8 hours ago, ikke1959 said: Stop manipulting iw ould say.... The THB can't be strong as there are too many negative factors.... 10 days ago 37.5 for a euro now 36.4.. It is not good fot tourism, Thauland will be too expensive..Rising prices, double pricing for foreigners, higher inflation than expected a censure debat coming up, and bad economical figures..... and still the THB moves in the wrong direction.. yes ive been waiting to change up a large amount of euro but not at this rate Where the hell is this weak Baht they are talking about on here Link to comment Share on other sites More sharing options...
Harveyboy Posted July 12, 2022 Share Posted July 12, 2022 1 hour ago, Caldera said: I've said it before but it's worth saying it again (with dollar signs in my eyes for effect)... Long may it last, deep may the baht SINK. look at euro and GBP baht ain't sinking 2 Link to comment Share on other sites More sharing options...
Caldera Posted July 12, 2022 Share Posted July 12, 2022 2 hours ago, Harveyboy said: look at euro and GBP baht ain't sinking You're not wrong, but it's the USD I care about as that's what I transfer to Thailand, so I'm perfectly happy with the baht's decline against the dollar. Link to comment Share on other sites More sharing options...
ikke1959 Posted July 12, 2022 Share Posted July 12, 2022 4 hours ago, Berkshire said: Works for me too. You'd think the USD flying against the THB would put this "manipulation" idea to rest. But not to be. People should realize that the strength of their home currency has more to do with what's going on back home, not what the Thais are doing. Crying manipulation all the time is nonsensical. The rich buy currency t make more profit if the THB rates will change... It looks that the THB is strong but in fact it is artificial. and now the euro is less appriciated they will buy more USD. Link to comment Share on other sites More sharing options...
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