Drink Up Now, Weaker Baht Set To Gain In June

Published on 24th April 2019 by Stickboy BKK

Weaker Baht Set To Gain In June

All the moaners calculating the price of their Guinness pint in pounds and dollars can swill a bit easier these days as the Thai baht has slid to its weakest point this year.

Asia’s best-performing currency in the first quarter of the year, the baht fell to as much as 32.049 to the U.S. dollar Thursday. It was hovering around the psychologically important 32 mark around noon today and has tumbled below its 100-day moving average for the first time since December.

Don’t get too excited, however: The baht has weakened in seven of the past 10 years during the second quarter due to foreign repatriation of dividend payments and a seasonal fall in tourist demand.

Thailand’s political quagmire isn’t helping either. The Office of the Ombudsman said on Tuesday accepted a petition to annul the recent election.

Roong Sanguanruang, a market analyst at Bank of Ayudhya Plc, said the fundamentals behind the bar are still “looking sound” and the currency should rebound to 31.75 by June.

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