Wednesday, 12 June 2013

Thai SET and Baht swoon on US news

Thai shares plummeted 4.97% on Tuesday, the largest single-day percentage drop this year, on fund repatriation after the US received a credit outlook upgrade from Standard & Poor's, boosting the odds that the Federal Reserve will taper its stimulus in the coming months.

The baht's pullback is a clear sign of capital outflow. The currency fell to an eight-month low of 30.95/97 to the US dollar. Thai bonds were under foreign selling pressure with net sales of 500 million Baht.

Read the full article at The Bangkok Post.

Rag - 1 GBP now worth over 48 Baht.

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