george Posted December 12, 2006 Share Posted December 12, 2006 Baht rises to nine-year high at 35.43 BANGKOK: -- Baht rose early Tuesday to nine-year high against the U.S. dollar, hitting Bt35.43 for the first time since October 1997, Down Jones reported. The agency quoted foreign exchange dealers as saying that the dollar selling originated in Singapore, but the reason for the sales wasn't immediately apparent. -- The Nation 2006-12-12 Link to comment Share on other sites More sharing options...
buriramboy Posted December 12, 2006 Share Posted December 12, 2006 bloomberg and cnbc had it at 35.25 earlier this morning Link to comment Share on other sites More sharing options...
rainman Posted December 12, 2006 Share Posted December 12, 2006 I once said to my wife if it drops below 35.00 i'm moving to Laos. I guess its packing time ... Link to comment Share on other sites More sharing options...
PeaceBlondie Posted December 12, 2006 Share Posted December 12, 2006 I can't believe that I'm 'happy' I managed to draw down my American checking account at rates like 35.75. Ouch. Link to comment Share on other sites More sharing options...
Jingthing Posted December 12, 2006 Share Posted December 12, 2006 (edited) I saw this coming but thought it would happen earlier. Tis the pity for us Yankee expats. Excuse me while I cry in my small Chang. The real question is how much stronger the baht will be once CHINA finally significantly strengthens their way undervalued YUAN. I fear the answer is probably someday 25 baht to the dollar. Oh my God! Edited December 12, 2006 by Jingthing Link to comment Share on other sites More sharing options...
Old Man River Posted December 12, 2006 Share Posted December 12, 2006 The real question is how much stronger the baht will be once CHINA finally significantly strengthens their way undervalued YUAN. I fear the answer is probably someday 25 baht to the dollar. Oh my God! As you know, prior to July 97 we were there. Life goes on whether the THB is at 25 per USD or 45 per USD. Importers cry when the THB is weakening and exporters cry when it is strengthening, but at the end of the day, everybody adjusts. Link to comment Share on other sites More sharing options...
jbowman1993 Posted December 12, 2006 Share Posted December 12, 2006 The real question is how much stronger the baht will be once CHINA finally significantly strengthens their way undervalued YUAN. I fear the answer is probably someday 25 baht to the dollar. Oh my God! As you know, prior to July 97 we were there. Life goes on whether the THB is at 25 per USD or 45 per USD. Importers cry when the THB is weakening and exporters cry when it is strengthening, but at the end of the day, everybody adjusts. Well said! Link to comment Share on other sites More sharing options...
sibeymai Posted December 12, 2006 Share Posted December 12, 2006 So it is said the selling originated in Singapore ? Could it be there's no longer the need for around US$2billion which was earmarked for a telco in the region ? Better get rid of it quick and buy some real money that's worth something instead. Link to comment Share on other sites More sharing options...
DFCarlson Posted December 13, 2006 Share Posted December 13, 2006 (edited) ...but at the end of the day, everybody adjusts. Importers and exporters aren't the only ones at risk. Some of us here who get income in US$ are seeing fewer baht for the dollar, but for me it's not going to be a problem unless there's a REAL crash. So far I just pay the bills and keep the rest in dollars. 30 or below and there'll be a bit of belt tightening. 25 will probably start me thinking about where else to go. In the end I can't influence the rate, there's nothing to do but watch and react accordingly. Edited December 13, 2006 by DFCarlson Link to comment Share on other sites More sharing options...
britmaveric Posted December 13, 2006 Share Posted December 13, 2006 As one can't explain the bht strength at this juncture, have a feeling its being artificially propped up and I see a rapid weakening at some point. I think 40 or so will be back before you can blink. Link to comment Share on other sites More sharing options...
Kimera Posted December 13, 2006 Share Posted December 13, 2006 ...but at the end of the day, everybody adjusts. Importers and exporters aren't the only ones at risk. Some of us here who get income in US$ are seeing fewer baht for the dollar, but for me it's not going to be a problem unless there's a REAL crash. So far I just pay the bills and keep the rest in dollars. 30 or below and there'll be a bit of belt tightening. 25 will probably start me thinking about where else to go. In the end I can't influence the rate, there's nothing to do but watch and react accordingly. Well said. Thats the end line ( we can't influence the rate ) whichever currency, we can only watch and adjust. Link to comment Share on other sites More sharing options...
tc101 Posted December 13, 2006 Share Posted December 13, 2006 When ever one person is buying another person is selling. The current price of the bhat vs the dollar represents the best guess of all the professional currency traders who are buying and selling every day. The dollar has gone down against the bhat recently, but anyone who knew for sure if it would go up or down in the next year would be very rich. We are all just guessing. Link to comment Share on other sites More sharing options...
JacknDanny Posted December 13, 2006 Share Posted December 13, 2006 Its all those suitcases full of baht, that went via Thai Airways to Finland!!!! The previous owner will not be needing baht in the future so its all been poured into the open market Link to comment Share on other sites More sharing options...
DFCarlson Posted December 14, 2006 Share Posted December 14, 2006 As one can't explain the bht strength at this juncture, have a feeling its being artificially propped up and I see a rapid weakening at some point. I think 40 or so will be back before you can blink. In my situation, I certainly hope you're right. I hope I don't have to blink too many times... When I came to Thailand last May the baht was around 39 to the dollar. I'd be glad just to get back to that point. Link to comment Share on other sites More sharing options...
think_too_mut Posted December 14, 2006 Share Posted December 14, 2006 THB has not changed much to Oz dollar. So, guessing about THB is not in place, rather about US$. When and why would US$ climb back to 40B? Link to comment Share on other sites More sharing options...
chuchok Posted December 14, 2006 Share Posted December 14, 2006 THB has not changed much to Oz dollar. So, guessing about THB is not in place, rather about US$. When and why would US$ climb back to 40B? When people start selling baht..... Link to comment Share on other sites More sharing options...
britmaveric Posted December 14, 2006 Share Posted December 14, 2006 THB has not changed much to Oz dollar. So, guessing about THB is not in place, rather about US$. When and why would US$ climb back to 40B? When people start selling baht..... Can't explain strength Thai Bht, and US Economy is doing well, so apart from doom sayers speculating that $ will dive - its all fear mongering. Link to comment Share on other sites More sharing options...
Khun Bob Posted December 14, 2006 Share Posted December 14, 2006 Is THB strengthening or is USD weakening ? If THB remains fairly constant against other countries currencies yet strengthens against USD - what does that suggest ? If China's Renminbi and Japans Yen are to strengthen then buying and holding baht now may not be such a bad idea ? - discuss... Link to comment Share on other sites More sharing options...
thatguy Posted December 15, 2006 Share Posted December 15, 2006 the U$ is in the toilet against most, thb is up against many. a combination Link to comment Share on other sites More sharing options...
DFCarlson Posted December 18, 2006 Share Posted December 18, 2006 I just checked and the exchange rate has gone way up to 35.925 to the US dollar today. It has been hovering betweeen 35.1 ansd 35.2 for the past few days. What happened? Link to comment Share on other sites More sharing options...
Nam Kao Posted December 18, 2006 Share Posted December 18, 2006 US$ will strengthen here for awhile, but then more down Link to comment Share on other sites More sharing options...
lingling Posted December 18, 2006 Share Posted December 18, 2006 (edited) I just checked and the exchange rate has gone way up to 35.925 to the US dollar today. It has been hovering betweeen 35.1 ansd 35.2 for the past few days. What happened? Probably because of the new 30% withholding tax on incoming F/X unless you can prove that it is for goods or services. http://www.thaivisa.com/forum/index.php?showtopic=97415 Edited December 18, 2006 by lingling Link to comment Share on other sites More sharing options...
Old Man River Posted December 19, 2006 Share Posted December 19, 2006 I am sure that this will be breaking news on TV soon, but the stock market has fallen over 100 points due to rapid sell off by foreign investors in the SET. Investors are very worried about the impact of the 30% reserve requirements just instituted by the BOT. Khun Korn of the Democratic party has urgently called for the BOT to reverse its capital controls as the speculation is occurring in the bond markets, while the new capital controls also covers investors in the stock market. He believes if the 30% reserve requirement is not reversed that it will damage Thailand's capital markets for many years. The BOT is meeting about this issue with brokerage houses at 1:30 PM. Link to comment Share on other sites More sharing options...
Jai Dee Posted December 19, 2006 Share Posted December 19, 2006 BOT has imposed a measure to prevent speculation of the baht currency Deputy Prime Minister and Finance Minister Pridiyathorn Devakula views that the Bank of Thailand’s (BOT) measure to prevent speculation of Thai baht is a well-made decision. The BOT has issued an announcement for the financial institutions to reserve 30 percent of foreign currency deposit for at least one year while converting the remaining 70 percent to Thai baht. M.R. Pridiyathorn has voiced his support of the BOT’s decision to prevent speculation, and said the Thai currency has clearly weakened following this announcement. However, it could affect the investment in the Stock Exchange of Thailand for a brief period of time. Source: Thai National News Bureau Public Relations Department - 19 December 2006 Link to comment Share on other sites More sharing options...
Old Man River Posted December 19, 2006 Share Posted December 19, 2006 BOT has imposed a measure to prevent speculation of the baht currencyDeputy Prime Minister and Finance Minister Pridiyathorn Devakula views that the Bank of Thailand’s (BOT) measure to prevent speculation of Thai baht is a well-made decision. The BOT has issued an announcement for the financial institutions to reserve 30 percent of foreign currency deposit for at least one year while converting the remaining 70 percent to Thai baht. M.R. Pridiyathorn has voiced his support of the BOT’s decision to prevent speculation, and said the Thai currency has clearly weakened following this announcement. However, it could affect the investment in the Stock Exchange of Thailand for a brief period of time. Source: Thai National News Bureau Public Relations Department - 19 December 2006 Jaidee, while it probably should be a separate thread, could you pick up info on the stock market plunge currently happening? I am clueless on how to do this, but there is a lot coming across now. Calls are for the new BOT measures to be urgently reversed. The BOT will be meeting with the brokerage houses at 1:30 PM. Thanks, Link to comment Share on other sites More sharing options...
monty Posted December 19, 2006 Share Posted December 19, 2006 Stock index still plunge after SET resume tradingThe SET resumes stock trading at noon. The SET index fell further by 13.74 per cent or 100.37 points to 630.18 at 12.12pm. Bank of Thailand has asked all brokerage companies to discuss about the issue on 1.30pm. Key Democrat Party member Korn Chatikavanij urged the Bank of Thailand to immediately reverse the recently-introduced measure to intervene the currency, saying that it would cause the damages to the capital market for years. more on the Nation's website http://www.nationmultimedia.com/2006/12/19...es_30021951.php Link to comment Share on other sites More sharing options...
Barney_the_Dinosaur Posted December 19, 2006 Share Posted December 19, 2006 (edited) ...the Thai baht has hardly weakened at all this morning, (after an initial dip) Even by the low standards of the BOT this is a serious blunder. Any fall in the Baht is less due to this measure (which most probably will be reversed early next year), but because the markets have been reminded of Thailand's poor standards of economic governance and leadership. Edited December 19, 2006 by Barney_the_Dinosaur Link to comment Share on other sites More sharing options...
Old Man River Posted December 19, 2006 Share Posted December 19, 2006 Stock index still plunge after SET resume tradingThe SET resumes stock trading at noon. The SET index fell further by 13.74 per cent or 100.37 points to 630.18 at 12.12pm. Bank of Thailand has asked all brokerage companies to discuss about the issue on 1.30pm. Key Democrat Party member Korn Chatikavanij urged the Bank of Thailand to immediately reverse the recently-introduced measure to intervene the currency, saying that it would cause the damages to the capital market for years. more on the Nation's website http://www.nationmultimedia.com/2006/12/19...es_30021951.php Thanks Monty. Link to comment Share on other sites More sharing options...
chuchok Posted December 19, 2006 Share Posted December 19, 2006 I wonder what Temasek have been doing? Link to comment Share on other sites More sharing options...
Jai Dee Posted December 19, 2006 Share Posted December 19, 2006 Jaidee, while it probably should be a separate thread, could you pick up info on the stock market plunge currently happening? I am clueless on how to do this, but there is a lot coming across now. Calls are for the new BOT measures to be urgently reversed. The BOT will be meeting with the brokerage houses at 1:30 PM. Thanks, See this topic. Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now