Baht weakens to US$/33.85

[webfact]

Baht weakens to $/33.85
The Nation, Reuters

BANGKOK: -- Thai baht weakened to 33.85-86 against US dollar at the open Monday, as most emerging Asian currencies led by the Malaysian ringgit lost ground.

"Failures to reach the bailout package that lead to bank closure weaken the euro against the greenback," said a currency trader in Bangkok. He expected the Thai baht to move in the range of 33.75-95 today.

Some economists foresee the $/34 rate soon. The level was last seen in 2009.

The ringgit today traded at a 10-year low as Greece looked to be heading for a default on its debt, causing investors to head for safer assets. The ringgit came under additional pressure due to concern that Fitch Ratings may downgrade Malaysia’s credit rating due to the debt problems of state fund 1MDB.

South Korea’s won slid to a 3-1/2-month low, while the Indonesian rupiah fell to around a 17-year trough.

Emerging Asian currencies are likely to stay under pressuredue to a strong US dollar and growing risk aversion, with the prospect of Greece being forced out of the euro, analysts said.

"The stronger dollar outlook coupled with risk-off sentiment emanating from Greek risks is clearly negative for Asian FX," said Heng Koon How, Credit Suisse Private Bank’s senior currency strategist in Singapore. "Particularly, we are negative on ringgit because of an imminent sovereign credit rating downgrade," he said.

The ringgit lost 0.4 per cent to 3.7830 per dollar, its weakest since July 2005. Malaysian companies bought the dollar for month-end payments, hurting the local currency further. The Malaysian unit’s downside was limited by caution over possible intervention by the central bank to support the worst-performing Asian currency so far this year.

The Korean won fell nearly 1 per cent at one stage to 1,127.9 perdollar, its weakest since March 18. The South Korean currency pared some of its losses as exporters chased it for month-end settlements, and that caused some traders to cover short positions in the won.

Source: http://www.nationmultimedia.com/breakingnews/Baht-weakens-to-$33-85-30263338.html

-- The Nation 2015-06-29

[TheAppletons]

It briefly went over $34/thb earlier in the morning.

[konying]

Some economists foresee 34? And many expect a crash.

What would it be?!

[khwaibah]

Xe at 34.06

[Thai at Heart]

Just wait and not be surprised when there is no jump in exports. Fuel will be jumping up nicely by now

[lujanit]

If the manufacturing and tourist industries are to survive the baht must weaken a lot further.

[Strangebrew]

To those who laghed at what I said few months back phhhht told yah.better get them bristhish ponds and US dollars while you an

[Nigeone]

How much are you guys actually getting in the town for exchange? And GBP ?.

[webfact]

Thai baht predicted to move between 33.75-34.00 against greenback this week

BANGKOK, 29 June 2015 (NNT)-Kasikorn Research Center (KRC) has forecast that the resistance levels in the Thai stock market this week will be around 1,525– 1,535 points.

According to the KRC, the Stock Exchange of Thailand (SET) will also see support levels fluctuate between 1,508 to 1,490 points.

The fluctuations are subject to several factors, including the central bank's economic forecast, to be released tomorrow, Greece‘s bailout negotiations, the U.S. economy in terms of its productivity and labor market trends as well as China's, Japan's and the European Union's Purchasing Managers Indexes (PMI).

The Thai baht will likely move between 33.75-34.00 against the greenback this week.


-- NNT 2015-06-29

[khwaibah]

Its been like a yo-yo today..

[Tywais]

Its been like a yo-yo today..

[technologybytes]

Xe at 34.06

Xe is not a real price, it says so on their website.

I always use the Bangkok Bank website and look at the TT rate, as that's what I get if I transfer money.

[Prbkk]

In context the USD relationship means very little other than fuel and $ denominated debt. The real issue is competitor currency levels / the Baht and also whether those who want to buy Thai goods and services have the money to do so. 35 is looking likely as the USD strengthens..Not great for hiso holidays in NYC but good for the country.

[kimchibob]

33.73 on the street in Pattaya this morning.

[ronthai]

Get back to 42 (per USD), when I came to TH 11+ years ago

[godden]

Love you long time $33

[HerbalEd]

Get back to 42 (per USD), when I came to TH 11+ years ago

Indeed. That's when I bought my 11M baht condo and saved lots of money.

[TheFishman1]

If you go into any bank today dollar rate is like 33 so plz tell me where I get 33.85 to the dollar

[Guest]

If you believe that this headline has anything to do with Thailand, here is another Tail Wags Dog

(The tail does not wag the dog, the Dollar wags all other currencies)

I think the correct headline would be, US Dollar continues to crush anything that gets in its path.

If the Euro can not stand up to it, why would you think the THB can?

By the way, it could be argued that the Baht has done a better job retaining value than the Euro.

[jabis]

Seems to me, as few other posters put it, that THB is keeping quite steady, while EUR is plummeting - due to now almost unavoidable Grexit - and USD is strengthening.

[cumgranosalum]

It's not a crash, the central bank have been trying to get the baht down in value for months.......

[stoli]

If you go into any bank today dollar rate is like 33 so plz tell me where I get 33.85 to the dollar

Just checked Bangkok Bank TT rate. It is 33.71 So, probably 33.78 at many places on the street.

[stoli]

If you believe that this headline has anything to do with Thailand, here is another Tail Wags Dog

(The tail does not wag the dog, the Dollar wags all other currencies)

I think the correct headline would be, US Dollar continues to crush anything that gets in its path.

If the Euro can not stand up to it, why would you think the THB can?

By the way, it could be argued that the Baht has done a better job retaining value than the Euro.

Beautiful graphs. Very pretty. Don't suppose you have been following the crisis in Greece that has started this? Better get another dog without a tail.

[mommysboy]

If the manufacturing and tourist industries are to survive the baht must weaken a lot further.

It's a simple truth that the mathematicians and purists on this forum don't understand. A weakened baht, far weaker than it is now is inevitable and necessary in order for Thailand to be competitive in its main sectors.

To the extent it doesn't weaken, will the extent to which Thailand continues to flounder. And the situation is critical.

[falang07]

Get back to 42 (per USD), when I came to TH 11+ years ago

Indeed. That's when I bought my 11M baht condo and saved lots of money.

how do you save lots of money by buying a 11M condo? You would have saved a lot more having exchanged the USD at that time and keeping it in the bank at 4% per year or more :-)

Edited June 29, 2015 by falang07

[cumgranosalum]

To those who laghed at what I said few months back phhhht told yah.better get them bristhish ponds and US dollars while you an

What you said then, I'm sure was laughable...there is always someone who says "told-you-so' as if they knew what they were talking about....it like someone who backs a winner in the Derby and then claims to understand horses.

learn to differentiate between a conclusion based on sound knowledge (which can at times be wrong) and a lucky guess that happens by chance to have the appearance of being partly right.

Do you believe in clairvoyants?

[empireboy]

There's no one strategy fits all in the Fx game. Best you find the one that works for YOU!

[TheAppletons]

If you go into any bank today dollar rate is like 33 so plz tell me where I get 33.85 to the dollar

BKK Bank at lunch today was exchanging at 33.49.

[Guest]

To those who laghed at what I said few months back phhhht told yah.better get them bristhish ponds and US dollars while you an

What you said then, I'm sure was laughable...there is always someone who says "told-you-so' as if they knew what they were talking about....it like someone who backs a winner in the Derby and then claims to understand horses.

learn to differentiate between a conclusion based on sound knowledge (which can at times be wrong) and a lucky guess that happens by chance to have the appearance of being partly right.

Do you believe in clairvoyants?

LOL .. Yeah , i know .. right? "I called it "a few months ago" The THB was 33+ .. "I think it may touch 34"

Strangebrew, show us that you called it at point "A" in the chart below, then you will have our full attention.

My guess is, you were actually BUYING the THB and telling people the sky was falling and it was on its way to 20.

You do know that 34 is just a "round number fixation" that people have, and the percentage change since "you called it" is quite small?

[swissbie]

Xe at 34.06

Xe is not a real price, it says so on their website.

I always use the Bangkok Bank website and look at the TT rate, as that's what I get if I transfer money.

XE-rates are more accurate, but yes, if you transfer money you will get the TT rate of your bank.