BOT keeps close eye on Greece, warns of global money-market volatility

[webfact]

GREECE
BOT keeps close eye on Greece, warns of global money-market volatility
Erich Parpart
The Nation

BANGKOK: -- THE failure to resolve Greece's debt crisis has led investors to seek safe-haven assets, forcing up US and German government bond prices while contributing to the strengthening of the yen, the Bank of Thailand says.

The yield on the benchmark 10-year US Treasury note to 2.32 per cent yesterday was down from 2.48 per cent last Friday, which was the highest closing level since the end of September last year.

The euro depreciated from 1.1167 to the US dollar on Friday to 1.1190 as of 1pm yesterday, while the baht remained unchanged from Friday, at 33.78.

In the same period, the yen appreciated from 123.85 per dollar to 122.33, while the South Korean won depreciated from 1,116.44 on Friday to 1,118.84. The Malaysian ringgit also depreciated, from 3.768 to 3.785.

"The global money markets will continue to fluctuate in different periods this week because of the uncertainty over Greece's debt problem, which has affected the euro. The [bOT] will closely monitor the situation, and we are ready to maintain the stability of Thailand's financial system," said Chantavarn Sucharitakul, the Thai central bank's assistant governor for the Financial Markets Operations Group.

Nopporn Thepsithar, chairman of the Thai National Shippers' Council, said that if Greece defaulted and this affected the euro-zone economy, then and only then would the Greek situation affect Thai exports. "If the European Union is unable to take care of Greece's debt situation, then it could affect the [EU] economy, and if that happens then it will affect Thai exports. But I do not see this happening, as I believe that the EU should be able to handle it," he said.

Nopporn said other factors were affecting Thailand's exports to the EU more than the Greek situation. These included the cancellation of Thailand's tariff privileges under the Generalised System of Preferences, the 20-per-cent drop in the euro's value since the beginning of the year, and the sluggish recovery of the euro-zone economy.

Source: http://www.nationmultimedia.com/business/BOT-keeps-close-eye-on-Greece-warns-of-global-mone-30263468.html

-- The Nation 2015-07-01

[GiantFan]

Typo? Bases on the numbers listed, the Euro appreciated, not deprecated. Same mistake yesterday. Euro rate quoted is USD/ 1 Euro. Typically, ex rates listed in FC / 1 USD. Finance 101.

[chiang mai]

Typo? Bases on the numbers listed, the Euro appreciated, not deprecated. Same mistake yesterday. Euro rate quoted is USD/ 1 Euro. Typically, ex rates listed in FC / 1 USD. Finance 101.

"The euro depreciated from 1.1167 to the US dollar on Friday to 1.1190".

What am I missing, those numbers are depreciating, more Euro per USD?

[Pib]

Nation reporters are not good with numbers...and not very good with words either.

[TheAppletons]

Typo? Bases on the numbers listed, the Euro appreciated, not deprecated. Same mistake yesterday. Euro rate quoted is USD/ 1 Euro. Typically, ex rates listed in FC / 1 USD. Finance 101.

"The euro depreciated from 1.1167 to the US dollar on Friday to 1.1190".

What am I missing, those numbers are depreciating, more Euro per USD?

If those numbers were correct....it would be depreciating. However, you don't get 1.1190 euro to the US dollar; it takes 1.1190 dollars to get a euro.

[konying]

The [bOT] will closely monitor the situation, and we are ready to maintain the stability of Thailand's financial system," said Chantavarn

Did he mean ready to manipulate?

[chiang mai]

Typo? Bases on the numbers listed, the Euro appreciated, not deprecated. Same mistake yesterday. Euro rate quoted is USD/ 1 Euro. Typically, ex rates listed in FC / 1 USD. Finance 101.

"The euro depreciated from 1.1167 to the US dollar on Friday to 1.1190".

What am I missing, those numbers are depreciating, more Euro per USD?

If those numbers were correct....it would be depreciating. However, you don't get 1.1190 euro to the US dollar; it takes 1.1190 dollars to get a euro.

Ah, got it, thanks. Since I have nothing to do with the Euro I tend not to be aware of its value.

[Ulic]

Well they have to claim to be doing something. May as well be keeping an eye on

developments in Greece. Keep up the good work boys.

[mmh8]

looking for tips no doubt

[elgordo38]

Typo? Bases on the numbers listed, the Euro appreciated, not deprecated. Same mistake yesterday. Euro rate quoted is USD/ 1 Euro. Typically, ex rates listed in FC / 1 USD. Finance 101.

The baht is holding up pretty well. I guess as a matter of saving face they want to keep it up not let it go down to make them more competitive. Strange most other countries are in a race to the bottom currency wise. Well to be truthful most things today are racing to the bottom. Is there such a thing as below the bottom or the bottom minus or is the bottom the end? Getting confused again. What is beyond the universe? How high is up. Must get back on my meds again.

Edited July 1, 2015 by elgordo38

[Naam]

Typo? Bases on the numbers listed, the Euro appreciated, not deprecated. Same mistake yesterday. Euro rate quoted is USD/ 1 Euro. Typically, ex rates listed in FC / 1 USD. Finance 101.

no typo, just "Nation"

[Srikcir]

BOT is just looking for another excuse for a rate cut by September 2015.