Obelisk International Receive Breaking News on £-THB Exchange Rate
Analytical assessment provided to Obelisk International by Xchange Business shows the Thai Baht is a strong leader in the worlds currency market.
‘The last few months has seen heavy stock market investment in Thailand result in a surge in the value of the Baht, making it the 3rd strongest currency in Asia this year.’
‘A move overnight by India to curb overseas borrowing being repatriated to an already strong rupee, has seen a knock on sell off effect in the Thai baht. From trading under 61.00 THB to the pound at this time yesterday, we are now looking at a current spot rate of 62.05. This is off the highs seen in early European trading, but still represents a potentially encouraging shift in sentiment. With global equity markets already showing signs of risk aversion, any subsequent measures to ensure the initial knee jerk reaction in currency markets is sustained, will come as welcome relief to the Thai authorities.’
‘From a technical perspective, should £-THB manage to overcome resistance around 63.25, being the 50% re-tracement of the fall in the value of sterling from mid May to late July, the signs would be encouraging for further gains into the 64.00/65.00 zone.’
David Lamb
Head of Business Client Services
Xchange Business
‘The last few months has seen heavy stock market investment in Thailand result in a surge in the value of the Baht, making it the 3rd strongest currency in Asia this year.’
‘A move overnight by India to curb overseas borrowing being repatriated to an already strong rupee, has seen a knock on sell off effect in the Thai baht. From trading under 61.00 THB to the pound at this time yesterday, we are now looking at a current spot rate of 62.05. This is off the highs seen in early European trading, but still represents a potentially encouraging shift in sentiment. With global equity markets already showing signs of risk aversion, any subsequent measures to ensure the initial knee jerk reaction in currency markets is sustained, will come as welcome relief to the Thai authorities.’
‘From a technical perspective, should £-THB manage to overcome resistance around 63.25, being the 50% re-tracement of the fall in the value of sterling from mid May to late July, the signs would be encouraging for further gains into the 64.00/65.00 zone.’
David Lamb
Head of Business Client Services
Xchange Business
posted by Chris at 5:20 pm
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