git keep your eye on the ball I depend on you for the updates and information and I want to say you are doing one hell of a job thank you
From Ron
Baht What up with Dat?????
-
JimboPSM
- udonmap.com
- Posts: 3581
- Joined: July 4, 2005, 3:23 pm
- Location: Isle of Man / Bangkok / Udon Thani
Please note that some of the following article from Bloomberg is speculation and financial commentary which may or may not be confirmed in the coming days.
Although recently there have been signs of political pressure being applied on the Bank of Thailand, events during the last week will hopefully result in the BoT regaining some or all of its independence.
If the speculation that pressure to increase interest rates is easing turns out to be correct, then the likely impact in the short term will be to add to the downward pressure on the THB.
Although recently there have been signs of political pressure being applied on the Bank of Thailand, events during the last week will hopefully result in the BoT regaining some or all of its independence.
If the speculation that pressure to increase interest rates is easing turns out to be correct, then the likely impact in the short term will be to add to the downward pressure on the THB.
The remainder of the article can be seen here:Thailand Economic Growth Probably Slowed, Easing Rate Pressure
By Suttinee Yuvejwattana and Michael Munoz
Aug. 25 (Bloomberg) -- Thailand's economic growth probably slowed for the first time in more than a year as increased exports of rice and rubber failed to offset weak local demand.
Southeast Asia's second-biggest economy expanded 5.8 percent in the second quarter from a year earlier after gaining 6 percent in the previous three months, according to the median forecast of 10 economists surveyed by Bloomberg News. The report is due today at 9:30 a.m. in Bangkok.
Slowing growth means the Bank of Thailand may be on the verge of its last interest-rate increase this year, according to a Bloomberg survey. Governor Tarisa Watanagase is coming under pressure from the government to keep borrowing costs on hold and spur the economy amid signs inflation may be easing.
``Putting politics aside, I see a lot of room for the central bank to increase its key rate by 25 basis points this time,'' said Vishnu Varathan, an economist at Forecast Singapore Ltd., who expects the Bank of Thailand to keep its benchmark unchanged at its meeting on Aug. 27. ``But things are quite messy. The government has tried to politicize interest rates.''
The Bank of Thailand will raise its one-day repurchase rate by a quarter of a percentage point to 3.75 percent, the second increase in two months, according to eight of 13 economists surveyed by Bloomberg. The rest expect borrowing costs to be left unchanged. Of the eight predicting an increase this week, four say it will be the last for this year and the others forecast at least a further quarter-point rise.
Inflation to Peak
``The central bank needs to raise rates another time to anchor inflation expectations and it should be the last time,'' said Usara Wilaipich, a Bangkok-based economist at Standard Chartered Plc., who predicts borrowing costs will start to fall next year. ``Inflation will peak in a couple of months before easing off as growth eases in the second half. The central bank needs to take care of growth.''
Lower fuel costs will start to slow inflation from October onwards, Finance Minister Surapong Suebwonglee said Aug. 15.
The central bank last month raised its key rate by a quarter point to 3.5 percent, the first increase in two years, after inflation hit a decade-high 9.2 percent in July. The move has been criticized by members of the government.
Thailand shouldn't raise interest rates because it will lower economic growth, newly-appointed Deputy Finance Minister Suchart Thadathamrongvej said on Aug. 7. Governor Tarisa should resign if the central bank's policy differs from the government's position, he added.
`Stand Straight'
Governor Tarisa on Aug. 21 vowed to ``stand straight'' and continue to act in ``the best interest of the country'' after an individual Adulyadej praised the Bank of Thailand for its handling of monetary policy and its concern with inflation.
The central bank and the finance ministry agree that Thailand's economic growth may ease in the second half as a global slowdown reduces demand for the nation's exports, even as their views on interest rates differ.
Thailand is ``relying a lot on exports,'' said Sebastien Barbe, a Hong Kong-based strategist for the investment banking unit of France's Credit Agricole SA. ``With the U.S., Europe and Japan decelerating, the rest of Asia will weaken in the next few months. It is a very challenging backdrop for Thailand.''
Exports from Thailand, which account for about 70 percent of gross domestic product, rose 26.3 percent in the second quarter from a year earlier. That was faster than the 22.9 percent pace recorded in the previous three-month period.
Consumer Confidence
Spending by local consumers and companies hasn't been that strong. An index of consumer confidence fell from April through June in line with surging oil costs, and protests and court cases against Prime Minister Samak Sundaravej's government......
I bet they spent a ton of money today
Thai Baht Falls as Protesters Storm Samak's Office; Bonds Gain
By Shanthy Nambiar and Patricia Lui
Aug. 26 (Bloomberg) -- Thailand's baht fell for a second day as hundreds of protesters seeking to oust Prime Minister Samak Sundaravej stormed his office compound and forced a state- run television off air. Government bonds advanced.
The baht declined 6.1 percent over the past three months, the worst performance among Asia's 10 most-active currencies excluding the yen, as protests by the People's Alliance for Democracy intensified pressure on Samak as he grapples with slowing economic growth and decade-high inflation. Samak, who'd earlier moved to the military headquarters in Bangkok, said he won't use force to quell protests and urged for a return to normalcy.
``We're hoping there won't be a riot,'' said Enrico Tanuwidjaja, an economist at Oversea-Chinese Banking Corp. in Singapore. ``Investors will probably hold off from buying Thai assets. It is baht negative. Political instability isn't going to help.''
The local currency dropped as much as 0.6 percent to 34.29 against the dollar, the weakest since Sept. 13, 2007. It traded at 34.22 as of 4:15 p.m. in Bangkok, from 34.10 late yesterday, according to data compiled by Bloomberg. The baht may fall to 35 by the end of June 2009, Tanuwidjaja said.
Protesters also broke into Bangkok's police headquarters, the Finance Ministry and other ministries, according to Surapol Thuanthong, a police spokesman.
`Breaking Point'
``The government's patience has almost reached the breaking point,'' Samak told reporters today. ``I can't allow those people on the street to overthrow my government.''
The PAD, a group that accuses the government of failing to support the monarchy, said it is making a final effort to oust Samak, claiming he is a proxy for former Prime Minister Thaksin Shinawatra, who has been charged with corruption. Two years ago, protests led by the same group resulted in a coup that forced Thaksin out of office.
The local currency also fell on speculation importers bought dollars to pay for crude oil.
``The news is pushing up the dollar-baht and speculators are pushing up the market ahead of the PAD showdown with the government,'' said Carl Rajoo, an economist at Forecast Singapore Ltd. ``There is also good dollar demand from oil importers.''
Losses in the baht were limited by speculation the Bank of Thailand bought the currency to stem losses. Central banks intervene by arranging purchases or sales of foreign exchange.
Smoothing Volatility
The central bank has supported the baht today to smooth ``volatility rather than trying to set a specific level,'' said Kobsidthi Silpachai, head of capital markets research at Kasikornbank Pcl in Bangkok. ``Sentiment isn't positive for the baht. The offshore players may use this as a catalyst to push the dollar higher. The biggest risk is whether this will eventually lead to a political vacuum.''
The currency may fall to between 34.25 and 34.50 this week, Kobsidthi said.
Ankana Anutchotkul, head of the Bank of Thailand's media relations team, couldn't be reached on her mobile phone. Assistant Governor Atchana Waiquamdee was unavailable to comment.
Bank of Thailand Governor Tarisa Watanagase said on Aug. 21 the central bank will support the baht if there are ``excessive'' fluctuations in the currency.
Thailand's 10-year bonds rose as investors sought the relative safety of government debt as stocks slumped.
The yield on the 5.125 percent note due March 2018 dropped 9.7 basis points to 4.684 percent, according to the Thai Bond Market Association. The price rose 0.752, or 7.5 baht per 1,000 baht face amount, to 103.3371. A basis point is 0.01 percentage point.
The SET Index of stocks slid 1.9 percent today. Global funds sold $3 billon more Thai stocks than they bought this year, according to data compiled by Bloomberg.
The Southeast Asian nation's economic growth slowed more than expected in the second quarter to 5.3 percent, a government report showed yesterday. Inflation hit a decade-high 9.2 percent in July.
To contact the reporter for this story: Patricia Lui at plui4@bloomberg.net; Shanthy Nambiar in Bangkok at snambiar1@bloomberg.net.
Last Updated: August 26, 2008 05:51 EDT
just yesterday I predicted we would see 34 by the end of the week I better keep my mouth shut in the future maybe my room is bugged 
I do not think they can keep this B/S up because let be honest there is no real gain for them to have a strong bot IMO economically it better if the bot is weak it opens more doors for exports and tourism but maybe it all about greed for the wealthy few and the banks
I do not think they can keep this B/S up because let be honest there is no real gain for them to have a strong bot IMO economically it better if the bot is weak it opens more doors for exports and tourism but maybe it all about greed for the wealthy few and the banksRe: Baht What up with Dat?????
Thailand's Central Bank Says Instability Poses Risks (Update1)
By Suttinee Yuvejwattana and Shanthy Nambiar
Aug. 29 (Bloomberg) -- Thailand's central bank said political instability has overtaken inflation as the biggest threat to the economy, amid a standoff between police and 12,000 antigovernment protesters that has entered its fourth day.
``To me, I think it is political risk,'' Deputy Governor for Monetary Stability Atchana Waiquamdee, 57, said in an interview today in Bangkok. ``We have already faced the negative factors globally. We should refrain from having any unreasonable domestic factors that will hurt the economy even more.''
Thailand's economy slowed for the first time in more than a year in the second quarter as higher exports of rice and rubber failed to offset a decline in domestic spending. The central bank expects growth to ease further in the second half as protests against Prime Minister Samak Sundaravej's six-month-old government erode consumer confidence and keep investors away.
Members of the People's Alliance for Democracy stormed Samak's office on Aug. 26, claiming his government was illegitimate because it served the interests of former premier Thaksin Shinawatra, ousted in a 2006 coup. Samak pledged this week a ``soft and gentle'' response to the protest, amid concern an outbreak of violence could raise the specter of another coup.
Central Bank Governor Tarisa Watanagase is under pressure from the government to keep borrowing costs on hold to spur growth. Still, policy makers raised rates for a second time this year on Aug. 27, joining the Philippines, Indonesia and India in choosing to tackle inflation at the expense of economic growth.
``Politics is our key concern,'' said Pongtharin Sapayanon, who helps oversee $619 million at Aberdeen Asset Management in Bangkok. ``If the central bank thinks politics is the major risk, it means they will focus more on growth. This reduces the possibility they will raise rates further.''
Balancing Act
Thai policy makers aren't ruling out more interest rate increases, as the central bank looks for ways to slow inflation, Atchana said. While consumer prices may have peaked, because of lower oil prices and fuel taxes, the central bank still needs to ``anchor'' inflation expectations, she said.
``We aren't sure whether crude oil prices will reach above $130 to $140 a barrel,'' said Atchana, who has worked at the Bank of Thailand for a decade and holds a doctorate degree in economics from the University of Michigan. ``We are not sure about inflation dynamics, and that hiking rates by 50 basis points will be able to anchor inflation expectations.''
Policy makers this week raised the one-day bond repurchase rate to 3.75 percent for a second straight month, saying the level was adequate to temper inflation and still support economic growth.
Inflation Outlook
Inflation accelerated to 9.2 percent last month, the fastest pace since 1998. Crude oil has tumbled 22 percent from a record $147.27 a barrel on July 11.
``The inflation rate won't reach double-digits,'' Atchana said. ``Lowering interest rates can't be ruled out, but it shouldn't be so soon.''
Growing street protests in Bangkok sent the baht and stocks tumbling this week. The baht touched an 11-month low on Aug. 26, while the benchmark SET Index dropped 1 percent this week. Attempts to remove Samak and ban his ruling party prompted global funds to pull $323 million from the stock market this month.
``We want to contain volatility in the baht,'' Atchana said, when asked about efforts to stem baht weakness. ``We like to keep an eye on the nominal effective exchange rate to ensure the baht is not under- or-overshooting other currencies. Even if you would like to see the baht appreciate to reduce the inflationary pressure, you can't work against the market.''
International reserves fell to $101.7 billion last week from $106.4 billion in the week ended July 18. The fall in reserves suggests the central bank has ``been buying baht and selling dollars,'' and ``in the last couple of weeks, stepped it up to $1 billion,'' a week, Supavud Saicheua, head of research at Phatra Securities Pcl in Bangkok, said on Aug. 26.
Growth Dynamics
Thailand's $245 billion economy expanded 5.3 percent in the second quarter, slowing from 6.1 percent in the first three months of the year. Finance Minister Surapong Suebwonglee has announced economic-stimulus packages, including tax cuts and free electricity and water to low-income families, to help boost growth to 6 percent this year from 4.8 percent in 2007.
Samak became prime minister in January, promising to spend about $50 billion in the next four years on infrastructure projects to revive growth and confidence.
The central bank may revise its 2008 economic growth forecast after the October interest rate meeting, Atchana said. The National Economic & Social Development Board on Aug. 25 raised its forecast for growth to between 5.2 percent and 5.7 percent, while the Bank of Thailand forecasts growth of between 4.8 percent and 5.8 percent.
``The upward revision by the board is in line with our forecast because of lower oil prices, and a better than expected global economy and Thai exports,'' Atchana said.
Thailand's Election Commission will announce Sept. 2 whether it will seek the dissolution of Samak's People Power Party, formed by supporters of Thaksin, for vote-buying in December elections.
To contact the reporter on this story: Shanthy Nambiar in Bangkok at snambiar1@bloomberg.net; Suttinee Yuvejwattana in Bangkok at suttinee1@bloomberg.net.
[quote][/quote]
By Suttinee Yuvejwattana and Shanthy Nambiar
Aug. 29 (Bloomberg) -- Thailand's central bank said political instability has overtaken inflation as the biggest threat to the economy, amid a standoff between police and 12,000 antigovernment protesters that has entered its fourth day.
``To me, I think it is political risk,'' Deputy Governor for Monetary Stability Atchana Waiquamdee, 57, said in an interview today in Bangkok. ``We have already faced the negative factors globally. We should refrain from having any unreasonable domestic factors that will hurt the economy even more.''
Thailand's economy slowed for the first time in more than a year in the second quarter as higher exports of rice and rubber failed to offset a decline in domestic spending. The central bank expects growth to ease further in the second half as protests against Prime Minister Samak Sundaravej's six-month-old government erode consumer confidence and keep investors away.
Members of the People's Alliance for Democracy stormed Samak's office on Aug. 26, claiming his government was illegitimate because it served the interests of former premier Thaksin Shinawatra, ousted in a 2006 coup. Samak pledged this week a ``soft and gentle'' response to the protest, amid concern an outbreak of violence could raise the specter of another coup.
Central Bank Governor Tarisa Watanagase is under pressure from the government to keep borrowing costs on hold to spur growth. Still, policy makers raised rates for a second time this year on Aug. 27, joining the Philippines, Indonesia and India in choosing to tackle inflation at the expense of economic growth.
``Politics is our key concern,'' said Pongtharin Sapayanon, who helps oversee $619 million at Aberdeen Asset Management in Bangkok. ``If the central bank thinks politics is the major risk, it means they will focus more on growth. This reduces the possibility they will raise rates further.''
Balancing Act
Thai policy makers aren't ruling out more interest rate increases, as the central bank looks for ways to slow inflation, Atchana said. While consumer prices may have peaked, because of lower oil prices and fuel taxes, the central bank still needs to ``anchor'' inflation expectations, she said.
``We aren't sure whether crude oil prices will reach above $130 to $140 a barrel,'' said Atchana, who has worked at the Bank of Thailand for a decade and holds a doctorate degree in economics from the University of Michigan. ``We are not sure about inflation dynamics, and that hiking rates by 50 basis points will be able to anchor inflation expectations.''
Policy makers this week raised the one-day bond repurchase rate to 3.75 percent for a second straight month, saying the level was adequate to temper inflation and still support economic growth.
Inflation Outlook
Inflation accelerated to 9.2 percent last month, the fastest pace since 1998. Crude oil has tumbled 22 percent from a record $147.27 a barrel on July 11.
``The inflation rate won't reach double-digits,'' Atchana said. ``Lowering interest rates can't be ruled out, but it shouldn't be so soon.''
Growing street protests in Bangkok sent the baht and stocks tumbling this week. The baht touched an 11-month low on Aug. 26, while the benchmark SET Index dropped 1 percent this week. Attempts to remove Samak and ban his ruling party prompted global funds to pull $323 million from the stock market this month.
``We want to contain volatility in the baht,'' Atchana said, when asked about efforts to stem baht weakness. ``We like to keep an eye on the nominal effective exchange rate to ensure the baht is not under- or-overshooting other currencies. Even if you would like to see the baht appreciate to reduce the inflationary pressure, you can't work against the market.''
International reserves fell to $101.7 billion last week from $106.4 billion in the week ended July 18. The fall in reserves suggests the central bank has ``been buying baht and selling dollars,'' and ``in the last couple of weeks, stepped it up to $1 billion,'' a week, Supavud Saicheua, head of research at Phatra Securities Pcl in Bangkok, said on Aug. 26.
Growth Dynamics
Thailand's $245 billion economy expanded 5.3 percent in the second quarter, slowing from 6.1 percent in the first three months of the year. Finance Minister Surapong Suebwonglee has announced economic-stimulus packages, including tax cuts and free electricity and water to low-income families, to help boost growth to 6 percent this year from 4.8 percent in 2007.
Samak became prime minister in January, promising to spend about $50 billion in the next four years on infrastructure projects to revive growth and confidence.
The central bank may revise its 2008 economic growth forecast after the October interest rate meeting, Atchana said. The National Economic & Social Development Board on Aug. 25 raised its forecast for growth to between 5.2 percent and 5.7 percent, while the Bank of Thailand forecasts growth of between 4.8 percent and 5.8 percent.
``The upward revision by the board is in line with our forecast because of lower oil prices, and a better than expected global economy and Thai exports,'' Atchana said.
Thailand's Election Commission will announce Sept. 2 whether it will seek the dissolution of Samak's People Power Party, formed by supporters of Thaksin, for vote-buying in December elections.
To contact the reporter on this story: Shanthy Nambiar in Bangkok at snambiar1@bloomberg.net; Suttinee Yuvejwattana in Bangkok at suttinee1@bloomberg.net.
[quote][/quote]
Re: Baht What up with Dat?????
just my opinion Git but it look like the USD is getting stronger and the Thai bot is trying to hold on with more of the same B/S they have been using all along keep up the good work and keep us posted I depend on your post thank you
Re: Baht What up with Dat?????
One thign for sure the dollar is higher then it wa a few months ago. They have been selling dollars and buying baht like crazy this has been an been an expensive week for them.
I think there are two things working in our favor at the moment.
Doesn't appear the political side of things is getting any better for the country, if anything it really worsened today. With trade unions joining the pad. The Train, airline workers and Electric generating Union, thus far with talk of the water employees. Seems the pad an ace up it's sleeve all the time.
The Thai government is in a very bad place at the moment, no matter what it does it will be wrong. Move as they did today, they are wrong, for overacting. Set back and wait they are wrong for being ineffective in controlling the crowd. The courts have now got the eviction order that was the source of what we saw today, already been reversed for a mininum of 15 days Court decesion based on two things, one the appeal and then the same court that issued th order put a hold on it. As the Police used violent actions in posting the notice.
So where it stands at the moment the protestors are breaking no laws in staying. Imagine that a the White House and it gives you a feel for how serious all this is.
I just don't see it resolving in a good way and that will effect the economy here and the baht.
That is what BOT faces today, how far will they go in propping up the baht Ithink we are about to find out.
I think they learned valuable lessons in 97 and we won't see that agian. My believe is they will adjust thier tactics when it becomes neccessary.
I think there are two things working in our favor at the moment.
Doesn't appear the political side of things is getting any better for the country, if anything it really worsened today. With trade unions joining the pad. The Train, airline workers and Electric generating Union, thus far with talk of the water employees. Seems the pad an ace up it's sleeve all the time.
The Thai government is in a very bad place at the moment, no matter what it does it will be wrong. Move as they did today, they are wrong, for overacting. Set back and wait they are wrong for being ineffective in controlling the crowd. The courts have now got the eviction order that was the source of what we saw today, already been reversed for a mininum of 15 days Court decesion based on two things, one the appeal and then the same court that issued th order put a hold on it. As the Police used violent actions in posting the notice.
So where it stands at the moment the protestors are breaking no laws in staying. Imagine that a the White House and it gives you a feel for how serious all this is.
I just don't see it resolving in a good way and that will effect the economy here and the baht.
That is what BOT faces today, how far will they go in propping up the baht Ithink we are about to find out.
I think they learned valuable lessons in 97 and we won't see that agian. My believe is they will adjust thier tactics when it becomes neccessary.
Re: Baht What up with Dat?????
Between the dollar gaining strength and all of this we should see a more favorable exchange rate tomorrow. If not the BOT will be selling dollars and buying Baht in huge huge numbers.
Thai Premier Samak Defiant Before Emergency Session on Protests
By Rattaphol Onsanit and Daniel Ten Kate
Aug. 31 (Bloomberg) -- Thai Prime Minister Samak Sundaravej rejected calls for his resignation today as lawmakers met for an emergency parliamentary session to deal with protests that threaten to paralyze the government.
``They are dealing with a prime minister who is not easy to get rid of,'' Samak said today in his weekly radio show. ``I'm not scared but I am worried about the harm that is being done to our nation.''
Samak met yesterday with influential an individual Adulyadej to discuss the more than 12,000 people who have occupied his Government House office compound in Bangkok since Aug. 26. The protesters say he should resign for serving as a proxy of former Prime Minister Thaksin Shinawatra, who was ousted in a 2006 coup.
Samak's People Power Party and six others plan to debate a solution to the standoff in Parliament today in an effort to reassert the government's legitimacy. Protest leaders said they would continue until Samak quits, by forcing airport closures and encouraging rail, power and airline workers to strike.
``Political parties will show their true colors,'' Samak said. ``In my words, today we will see the colors of the undies they are wearing.''
The People's Alliance for Democracy, whose protests led to the coup against Thaksin, stormed Samak's office on Aug. 26. It wants a government free from the influence or allies of the deposed premier, who fled to England on Aug. 11 to avoid corruption charges.
``If Samak and his government resign, then you should go back to the process of electing a new prime minister,'' said Sondhi Limthongkul, the protest leader. ``And you know whoever wins the vote next time, if they do not listen to the people's voice, if they continue the policies of Mr. Samak, then we will come into the streets again and again.''
Television License
Sondhi supported Thaksin's rise to power in 2001 and turned against him four years later. The media company owner claimed he'd seen that Thaksin was corrupt, while the ousted prime minister said Sondhi was upset the government didn't award him a television license.
Sondhi said it would be a ``good start'' if coalition partners joined with the opposition Democrat party. It holds 165 seats in the 480-seat Parliament, while Samak's party has 233.
``It's going around and around, this side has the advantage and that side has advantage,'' said Prudhisan Jumbala, a political science lecturer at Chulalongkorn University. ``The question is whether the protesters will stop if Samak leaves, and nobody knows the answer.''
The benchmark SET Index has fallen almost 22 percent since the People's Alliance began its campaign to oust Samak on May 25, and the baht has slid 6.7 percent. Political instability has overtaken inflation as the biggest threat to Thailand's economy, the central bank said on Aug. 29.
Airport Closed
Phuket airport remained closed for a third day as protesters blocked surrounding roads, said Wicha Nurnlop, the airport's general manager. Hundreds of flights have been canceled, affecting the 15,000 passengers who move through the airport daily, he said.
``The people who caused airports to close are causing damage to the tourism industry,'' Samak said. ``They are smashing our rice bowl.''
Thousands more joined the protest yesterday at Government House and in the surrounding streets, where nine protest leaders facing arrest have surrounded themselves with demonstrators, including many middle-aged women, to deter police. Demonstrators danced to nationalist songs and cheered anti-Thaksin speeches a day after clashes with police left 126 injured and prompted the court to suspend a ruling ordering the protesters to leave Government House.
Thaksin's Base
``Elections are good but Thaksin controls the press, so people are brainwashed,'' said Roy Supanantarerks, a 68-year-old retiree who joined the rally. ``We need to find good people to run the country.''
A few miles away, about 2,000 pro-government protesters gathered at a large field near the Grand Palace in preparation for a rally in front of the Parliament this morning. Half are from Bangkok and the rest are from northeast Thailand, home to Thaksin's political base, said Jaran Ditapichai, who led protests after the 2006 coup.
``Since the People's Alliance entered Government House all of these people have felt troubled and wanted to do something,'' Jaran said in an interview. ``We told them to keep quiet at first, because we thought the government could control the situation, but they could not.''
To contact the reporters on this story: Rattaphol Onsanit in Bangkok at ronsanit@bloomberg.net; Daniel Ten Kate in Bangkok at dtenkate@bloomberg.net.
Last Updated: August 31, 2008 00:30 EDT
Re: Baht What up with Dat?????
let see what tomorrow brings us in the way of the Bot up or down I just don't understand why the bot is were it is and it should have never gotten there they should have back off when they saw factories closing when it was 34 to 1 and yet they pursued it until it went down to high 31 all in the name of greed because the Thai people paid with there loss of jobs and the economy and tourism in the tank just so a few wealthy people could get more wealth that is very sad
Re: Baht What up with Dat?????
Just the nature of the beast:
If you watched the meeting yesterday and I did. No one seeking a solutionn, blame game and bigger piece of the pie.
Same thing happened in 97, yes, Thailand lost, but many many of the richest did not.
Will it go that far this time I have no idea. I have read lessons were learned, we sill see.
At the moment everyone is really more concerned about holding thier advantages.
PPP bringing out more prostestors, may be a bad move. Again I don't pretend to know. Time will tell.
If you watched the meeting yesterday and I did. No one seeking a solutionn, blame game and bigger piece of the pie.
Same thing happened in 97, yes, Thailand lost, but many many of the richest did not.
Will it go that far this time I have no idea. I have read lessons were learned, we sill see.
At the moment everyone is really more concerned about holding thier advantages.
PPP bringing out more prostestors, may be a bad move. Again I don't pretend to know. Time will tell.
Re: Baht What up with Dat?????
my own selfish reason is to see the bot collapse but as for thailand I wish them well and hope they can solve there internal problems I stay away from Thai politics since it none of my business but my wife watches every day
and tries to get my opinion but I tell her I don't care if they want to beat each other up as long as it not you & I
and tries to get my opinion but I tell her I don't care if they want to beat each other up as long as it not you & I
Re: Baht What up with Dat?????
Thailand Declares State of Emergency, Clashes Kill 1 (Update2)
By Daniel Ten Kate and Rattaphol Onsanit
Sept. 2 (Bloomberg) -- Thai Prime Minister Samak Sundaravej declared a state of emergency after street clashes in Bangkok early today left one dead and 43 injured, winning army support to help end four months of protests against his government.
``We can't let the protests go on,'' Samak said at a press briefing at military headquarters in the Thai capital. ``I am acting to defuse the problem.''
Pro-government demonstrators wielding knives, swords and metal bars earlier marched to Government House to confront the People's Alliance for Democracy, which has occupied Samak's office compound for a week. Samak's supporters broke through two lines of unarmed police before reaching the anti-government protesters, who charged at them with weapons and fired gunshots.
Samak's decree is a change of strategy from his previous ``soft and gentle'' approach to the demonstrators who accuse him of working on behalf of former Prime Minister Thaksin Shinawatra. The People's Alliance is seeking a government that doesn't include allies of the former premier, who fled to the U.K. on Aug. 11 to avoid corruption charges.
``The situation should improve now,'' Supreme Military Commander Boonsrang Niumpradi told Channel 3 after the order was issued. The anti-government protesters may now ``be willing to negotiate,'' he said.
Leaders of the People's Alliance, camped among their 12,000 supporters -- which include women and children -- at Government House have vowed to stay until the premier quits. The state of emergency bans gatherings of more than five people and gives the army chief authority to enforce the order.
The decree ``will be revoked in the next few days,'' Samak told reporters. ``It won't last long.''
`Continue to Fight'
``We will continue to fight,'' Chamlong Srimuang, a People's Alliance leader and retired general, told supporters, according to NBT television. ``The government has done too much damage to the country.''
The pro-government supporters started gathering two days ago at Sanam Luang, a field a few miles from Government House. Comprising Bangkok taxi drivers and people from northeast Thailand, Thaksin's political base, the group decried the government's peaceful handling of the People's Alliance so far.
``We need to take back Government House,'' Phakhaphong Anuphongrat, a 44 year-old small-business owner who joined the pro-government side, said after the clashes. ``The people don't want to fight, but the government can't do anything.''
Gunshots Fired
Police officers easily gave way to the pro-government protesters last night, taking pictures on their mobile phones as they passed by. After the two sides clashed and the gunshots were fired, the police moved in again to separate the two sides and closed surrounding roads.
At least two people were shot, one in the chest, TNN Channel reported. The man who was killed, a pro-government supporter, died from other wounds, it said.
Financial markets will open today. Thailand's benchmark SET Index has fallen almost 23 percent since the campaign to oust Samak began on May 25.
To contact the reporter on this story: Rattaphol Onsanit in Bangkok at ronsanit@bloomberg.net; Daniel Ten Kate in Bangkok at dtenkate@bloomberg.net.
Last Updated: September 1, 2008 22:41 EDT
Re: Baht What up with Dat?????
Well they tried again this time they failed, indication of things to come?
Central bank fails to halt baht drop
The baht fell to a one-year low against the US dollar on Tuesday morning shortly after the prime minister declared a state of emergency, even though the Bank of Thailand intervened in the foreign exchange market.
BoT deputy governor on fiscal policy Ajana Waikwamdee said the central bank began inervening right after the declaration of a state of emergency.
She said the currency was "fluctuating", meaning falling.
At mid-morning, the currency hit 34.52 against the dollar. By early afternoon, it had sunk to 34.58 as the BoT continued to pour foreign reserves in to try to stop the market.
Mrs Ajana said she had not seen any "massive foreign capital outflow" and said it is not yet necessary to set up a capital reserve fund.
The bottom also fell out of the Stock Exchange of Thailand.
At the midday break, the SET Index had dropped 12.21 points to 663.01.
Re: Baht What up with Dat?????
Thai Baht, Stocks Slump; Samak Imposes Emergency Rule (Update2)
By Shanthy Nambiar and Anuchit Nguyen
Sept. 2 (Bloomberg) -- Thailand's baht fell to the lowest level in more than a year and stocks dropped to a 19-month low after Prime Minister Samak Sundaravej declared a state of emergency. Government bonds fell, reversing an earlier advance.
The currency extended last month's 2.1 percent decline after clashes in Bangkok between thousands of pro- and anti-government demonstrators left one dead and 43 injured. The People's Alliance for Democracy, a group seeking Samak's resignation, has occupied Government House, where the prime minister's office is located, since Aug. 26.
``People simply have to understand Thailand is essentially a political mess,'' investor Marc Faber, who forecast the so-called Black Monday crash in 1987, said in an interview with Bloomberg Television from Bangkok. ``The economy is not very dynamic and it will continue to kind of move ahead slowly. These people looking for a strong stock market, I think that will be misplaced.''
Protests escalated in the past week, raising concerns that parliament may be dissolved, paralyzing government policies for boosting economic growth. Finance Minister Surapong Suebwonglee said last week growth may ease to 5.5 percent in the second half of the year because of a slowdown in exports. The economy grew 5.7 percent in the first half, a state agency said Aug. 25.
The benchmark SET Index fell 2.3 percent to 659.51 at the close today, the lowest since Feb. 1, 2007. It was the steepest decline since July 16. The baht fell 0.5 percent to 34.50 against the dollar in Bangkok, according to data compiled by Bloomberg.
`Not Helping'
``This is not helping the Thai baht,'' said Thomas Harr, a senior currency strategist at Standard Chartered Plc in Singapore. ``We are short the Thai baht. Dissolution of the Thai parliament is the most likely scenario.''
The central bank has ``intervened'' to support the baht, Deputy Governor Atchana Waiquamdee said in Bangkok today. ``We took care of the currency this morning because it fell a lot,'' she said. ``We need to curb the volatility.''
The events of the ``past two weeks have raised the probability of a negative action on the sovereign credit ratings,'' of Thailand, Standard & Poor's credit analyst Kim Eng Tan said in report today. The debt is rated BBB+, the eighth highest investment rating, with a stable outlook.
``Economic growth could fall markedly as domestic demand weakens further,'' S&P said. ``Inbound tourism and foreign direct investment would also decline. Even as revenue is expected to fall in this scenario, pressures for spending will increase.''
Overseas investors sold $3.1 billion more Thai stocks than they bought this year, according to data compiled by Bloomberg.
PTT Declines
PTT Pcl, the SET Index's biggest constituent, dropped 2.3 percent to 250 baht, the lowest since Aug. 6. PTT Exploration & Production Pcl, the second-largest, lost 4.1 percent to 140 baht, the most since Aug. 5. Bangkok Bank Pcl, the biggest lender, declined 3.4 percent to 113.
``There will be some sell-off,'' said Kenneth Ng, chief executive officer of Bangkok-based NTAsset (Thailand) Co., which has about $121 million of assets under management. ``There will be a continued standoff.''
Thailand's ruling People Power Party should be dissolved for vote-buying in December's elections, the Election Commission said after studying a July 8 conviction of a senior party member, state-controlled NBT television Channel reported.
A 10-hour emergency parliamentary session on Aug. 31 failed to resolve the political standoff, with Samak dismissing calls from the opposition for a House dissolution because he said it would fail to ``protect democracy.''
``We can't let the protests go on,'' Samak said at a press briefing at military headquarters in the Thai capital today. ``I am acting to defuse the problem.''
Government Bonds Fall
The benchmark 10-year government bonds fell, snapping a six- day advance. The yield on the 5.125 percent note due March 2018 advanced 3.6 basis points to 4.411 percent, according to the Thai Bond Market Association. The price fell 0.29198, or 2.9 baht per 1,000 baht face amount, to 105.5021. A basis point is 0.01 percentage point.
The inflation rate fell to 6.4 percent in August from 9.2 percent the previous month. Policy makers raised the one-day bond repurchase rate to 3.75 percent on Aug. 27.
``The state of emergency is negative for the currency,'' said Sebastien Barbe, a strategist in Hong Kong at Calyon, the investment banking unit of Credit Agricole SA. ``The economic fundamentals aren't supportive of the currency. You have a slowing economy, slowing domestic demand and real interest rates are now negative.'' The baht may fall to 35.80 by the end of the year, Barbe said.
``It's short-run negative,'' said Tim Condon, chief Asia economist at ING Groep NV in Singapore. ``It's more political noise and investors tend to react badly to political noise. If this doesn't settle down quickly, then we could see the currency drift lower over the next week or two to 35.''
The cost of protecting Thailand's government bonds from default rose to the highest in eight weeks. Five-year credit- default swaps on the government's external debt traded one basis point higher at 146 and were quoted earlier at 151, according to a Bloomberg survey of three dealers.
To contact the reporter on this story: Shanthy Nambiar in Bangkok at snambiar1@bloomberg.net.
Last Updated: September 2, 2008 07:11 EDT
Re: Baht What up with Dat?????
34.38 at the ATM today less then I got yesterday.
What changed nto a darn thing that I can see.
I try not to get to emotional about this stuff and just be aware of what is going on, so I can plan for my famalies needs.
So what have I seen this week.The BOT saying they have a problem because of Politics one day The next day saying everyhtign is economically sound So I guess you can take your pick nothign new about that.
In the end it's there money how they use it is up to them. Personally I think they are now trying to push water up hill. In the end someone will pay. Might be them might be me
But more then likley the normal Thai's
What changed nto a darn thing that I can see.
I try not to get to emotional about this stuff and just be aware of what is going on, so I can plan for my famalies needs.
So what have I seen this week.The BOT saying they have a problem because of Politics one day The next day saying everyhtign is economically sound So I guess you can take your pick nothign new about that.
In the end it's there money how they use it is up to them. Personally I think they are now trying to push water up hill. In the end someone will pay. Might be them might be me
But more then likley the normal Thai's
Re: Baht What up with Dat?????
I hear Britain"is probably in recession already! I want hear that like a hole in the head!I just wonder if the Thai baht was stronger, What the hell would the BRP be.Its going down the drain day by day!Slightly lucky the Thai baht is weak also.Otherwise the BRP would be even worse!
Re: Baht What up with Dat?????
I do not know if you would call it a recession yet, but with food and fuel up about 20% most people are tightening belts. It might have blown over but in the past month the pound has dropped like a stone against the dollar (over 10% now). If the pound does not rise soon we will see another wave of inflation caused by that. That could tip us over. It's rubbish that a lower pound would help by boosting British exports - like what do we export these days? It would always be offset by what we import. All i know is, I am being squeezed in the UK and shafted when i next change to bahts. Next trip already booked so coming, but looks like another budget holiday will be the result. No wonder It is so quiet over there in Udon. Even the number of posts are down! (Any good tents going? Will pay with Zimbabwe dollars).
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Re: Baht What up with Dat?????
There are always going to be ups and downs in all of the world economies. One has to just build in that mindset to their financial planning. Economies have never, ever continued to just go up, up, up without some pullback and repositioning or a downward spike occasionally. One can wish all they want and curse the gods of the economy until blue, but the rises and falls have always been there and will continue.
Since the dollar has been down for so long, it was bound to rise a bit. With the pound up for so long at peak levels, it was bound to dip. Plan accordingly and remember that nothing lasts forever.
Since the dollar has been down for so long, it was bound to rise a bit. With the pound up for so long at peak levels, it was bound to dip. Plan accordingly and remember that nothing lasts forever.