Thailand’s baht was poised for its fifth monthly decline, the longest losing streak in five years, after foreigners cut holdings of the nation’s assets as the US Federal Reserve prepares to reduce stimulus. Bonds dropped.
The baht touched a three-year low this week as data showed exports fell for a third month in July and manufacturing production dropped. Global funds pulled $2.7 billion from Thai bonds and stocks in August, official data show. The currency gained today as the prospect of an imminent US strike against Syria diminished, reducing the chance that oil supplies will be disrupted.
“Export numbers are still disappointing for Thailand, keeping underlying sentiment for the currency weak for a while,” said Nalin Chutchotitham, a Bangkok-based analyst at Kasikornbank Plc.
This article is older than 60 days, which we reserve for our premium members only.You can subscribe to our premium member subscription, here.