Baht Weakest in 10 months

[Undaunted]

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For the past couple weeks it has been getting steadily better and better daily. I hope it keeps going that way and when it finally stabilizes it stays that way until it weakens again. For most of us who receive pension benefits and Social Security via Thai banks, this means several thousand more baht in October.

For me personally, it will be a big help. My medical insurance premium and my annual car insurance both come due in early October - and neither one of them are cheap. So, I hope the weak baht keeps getting weaker - and this time it lasts . . .

At the time of this post, the WISE exchange rate is 36.47 to the US dollar. That's the best I've seen it since November, 2022.

[Gaybutton]

And now, at the time of this post, the WISE exchange rate is 36.55 to the US dollar. Keep it coming.

In November of 2022 the rate got to 38.08 for a very short time. If the exchange rate surpasses that, it would be the best exchange rate in over 10 years.

[Undaunted]

[Gaybutton]

The WISE exchange rate as of 5:45pm, October 2, is 36.975. Fingers crossed. Will it get to 37 - and either stabilize or improve from there? Has the wheel finally turned? I just hope this isn't temporary.

[Gaybutton]

Will it get to 37

On the WISE exchange rate, as of 7:50am this morning, October 3, it did. 37.06

On the bank TT exchange rate at the same hour, which is how I get my Social Security via direct deposit, the exchange rate is 36.78.

I will receive my Social Security today. See the smile on my face . . . ?

[Undaunted]

[Gaybutton]

9:00am - WISE - 37.105. Smile getting wider . . .

[Undaunted]

Baht weakens to 35.71/dollar as US announces better job figures

by THE NATION

December 12, 2023

The baht slipped to 35.71 per US dollar at the start of trading on Tuesday following improved labour figures in the US. The Thai currency had closed at 35.32 per dollar on Friday.

The stronger-than-expected US employment rate prompted expectations that the US Federal Reserve would not rush to reduce its policy interest rate, explained Krungthai Bank forex analyst Poon Panichpibool.

The US unemployment rate fell from 3.9% to 3.7% in November with total nonfarm payroll employment rising by 199,000.

Dollar appreciation was also attributed to weakening of the yen after concern abated that Japan’s central bank would tighten fiscal policies during its meeting this month.

The baht was also pushed down by the steady rise in US 10-year bond yields, which reached a height of 5% on October 23, Poon said. He added that the baht could fall further after the Fed, Bank of England and European Central Bank (ECB) announce new key economic figures this week.

He expects the Fed to maintain its policy rate at 5.25-5.50% amid slowing US inflation, and the ECB to retain its policy rate at 4% and deposit facility rate at 5.25%.

Poon cautioned the baht could test its resistance level of 36 per US dollar soon.

https://www.nationthailand.com/thailand ... y/40033720

[Gaybutton]

At the time of this post, the exchange rate on WISE is 35.73 to the US dollar. Less than 2 weeks ago it was 35.07. In October it reached 36.55.

Fingers crossed for reaching that level again and, better still, surpassing it.