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Japan’s QE Leads to Stronger Thai Baht

By , April 9, 2013 9:58 am

Thai baht banknotesThe Thai baht gained today, reaching above 29 per dollar for the first time since 1997, as excessive quantitative easing in Japan led to capital inflows to other Asian nations, including Thailand.

The near-zero interest rates in Japan drive investors to take money from the country and invest them in economies with higher returns (the practice known as carry trade). Thailand looks an attractive option with its stable economic and political environment. The baht has rallied 1 percent from last week’s close, the biggest gain since June 4. Bank of Thailand Governor Prasarn Trairatvorakul said that the central bank may intervene if currency rises too much.

USD/THB fell from 29.2350 to 28.9850 as of 14:50 GMT today and touched the low of 28.9050 earlier.

If you have any questions, comments or opinions regarding the Thai Baht, feel free to post them using the commentary form below.

Forex News

Thai Baht Weakens on Prospects for Intervention

By , April 4, 2013 10:14 am

A fan of 1,000-baht billsThe Thai baht went down today on speculations that policy makers will intervene to curb currency’s gains that may threaten the nation’s economy.

Finance Minister Kittiratt Na-Ranong complained that the high exchange rate was partly responsible for the 5.8 percent drop of exports in February. Such comments led to speculations about a potential intervention. The currency was performing well indeed, rallying 4.1 percent since the beginning of the year. The bank touched the strongest level in 16 years in March.

USD/THB rose from 29.3300 to 29.3750 as of 16:09 GMT today and its daily high was at 29.4350.

If you have any questions, comments or opinions regarding the Thai Baht, feel free to post them using the commentary form below.

Forex News

Thai Baht Weakened by Threat of Intervention

By , February 6, 2013 6:47 am

Thai baht banknotesThe Thai baht fell today on concerns that the Thai policy makers will intervene to curb appreciation of the currency, joining the so-called currency war.

The baht, as well as other Asian currencies, was appreciating as capital inflows in Asia persist. The appreciation led to worries that Thai exporters will suffer from the strong currency. Many nations (Japan among others) weaken their currencies to support exports, so why Thailand should stay away? Worries that the Asian country will indeed join the currency war hurt the baht today.

USD/THB rose from 29.7450 to 29.7850 as of 11:11 GMT today and its daily high was at 29.8150.

If you have any questions, comments or opinions regarding the Thai Baht, feel free to post them using the commentary form below.

Forex News

Thai Baht Gains on Optimism Spurred by Obama’s Reelection

By , November 9, 2012 9:28 am

A fan of 1,000-baht billsThe Thai baht gained today as the reelection of Barack Obama as US President made investors believe that quantitative easing will persist and inflows into emerging markets will continue.

Thai Bond Market Association estimated that global funds bought $ 71 million more of Thai government notes than they sold. Inflows into Taiwanese and Philippine stocks were at $ 240 million this week. The Taiwan dollar has advanced 0.5 percent over this week so far.

USD/THB fell from 30.7000 to 30.6550 as of 14:12 GMT today, while the daily low was at 30.6300.

If you have any questions, comments or opinions regarding the Thai Baht, feel free to post them using the commentary form below.

Forex News

Thai police arrest man with suitcase full of gold plated babies set to be used in black magic ritual

By , May 19, 2012 8:26 am

Thai police arrest man with suitcase full of gold plated babies set to be used in black magic ritual
By: Paul Sims (sent by Invictus) on: 19.05.2012 [10:54 ] (89 reads)

A British citizen has been arrested in Bangkok after six foetuses were found stuffed into travel bags.

Hok Kuen Chow, 28, a Briton born in Hong Kong of Taiwanese parents, was held in the city’s Yaowarat area after police received a tip-off.

He is suspected of trying to smuggle the foetuses – from two to seven months – back to Taiwan to sell to wealthy customers online.

WARNING: Graphic content. Scroll down for video

Human remains: Two of the six foetuses wrapped in gold leaf which were seized by police in Bangkok, Thailand. A British man has been arrested

Chow has reportedly admitted buying the bodies, which had been roasted dry and painted in gold leaf, for 200,000 baht (£4,040).

Back in Taiwan he could have sold them for six times that amount to rich clients who believe the foetuses will bring them good fortune. ‘The bodies are between the ages of two and seven months,’ said Wiwat Kumchumnan, of the police’s children and women protection unit.

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‘Chow said he planned to sell the foetuses to clients who believe they will make them lucky and rich.
‘Some were found covered in gold leaf.’

Police said the bodies also had a variety of religious decoration and tattoos on them.

Grim haul: The remains of six foetuses which are believed to be destined for Taiwan. They were bought for £4,000 and could have been sold for six times that

Grim: The corpses had a number of religious threads on them and they are thought to have undergone a black magic ritual

It was not clear yesterday where the bodies, which had been stored in six travel bags, came from or who had handed them over to Chow.

It is possible they had undergone the grisly Thai practice ‘Kuman Thong’, in which unwanted babies are surgically removed from their mother’s womb before being subjected to a ceremonial ritual.

Instead of being buried, the bodies are roasted dry and covered with a lacquer before being painted with gold leaf.

Chow, who was arrested on suspicion of being in possession of human remains, was staying at a hotel in a backpacker area in Bangkok when he was detained.

Macabre: Thai police show the human remains at a news conference after British citizen Chow Hok Kuen was arrested

Police had received a tip-off that foetus corpses were being offered to wealthy clients through a website advertising black magic services. Black magic rituals are still practised in Thailand, where street-side fortune tellers offer ceremonies to reverse bad luck.

Chow faces one year in prison and a 2,000 baht (£40) fine if he is found guilty.
In November 2010, health inspectors found 2,000 foetuses on a building site by a monastery in Bangkok which had been illegally aborted.

The Foreign and Commonwealth Office yesterday confirmed it was on stand-by following the arrest.
A spokesman said: ‘We can confirm the arrest of a British national in Bangkok on May 18.
‘We stand ready to provide consular assistance.’

Video: h ttp://www.dailymail.co.uk/news/article-2146396/British-man-arrested-Thailand-suitcase-dead-babies-used-religious-ritual.html

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Thai Baht Falls as Finance Minister Concerned About Strong Currency

By , March 23, 2012 10:32 am

Thai baht banknotesThai baht fell today as nation’s Finance Minister Kittiratt Na-Ranong expressed concerns that the strong currency hurts Thailand’s economy and voiced his opinion that the central bank should ease the monetary policy.

The Finance Minister stated that “the range of 32 to 34″ bahts per dollar “would be very good”.

Kittiratt also said:

Thailand is similar to other countries suffering from cost-push inflation because of higher energy costs that come out of the tension in the Middle East. If the central bank would agree to let the interest rate down a little bit further, that would be good.

Thai companies are struggling to resume production after the worst flood in almost 70 years. That has led to the more-than-expected drop of exports in January.

USD/THB rose from 30.7750 to 30.7850 as of 12:12 GMT today, while the intraday high was 30.8450.

If you have any questions, comments or opinions regarding the Thai Baht, feel free to post them using the commentary form below.

Earlier News About the Thai Baht:

Forex News

Thai Police Hoping To Detain Iranian Suspect Longer

By , February 22, 2012 2:01 am

Thai police are hoping to extend the detention for an Iranian suspected in a bomb plot. View full post on Radio Free Europe / Radio Liberty

Thai police seek two more in Iran bomb plot

By , February 17, 2012 4:09 pm

Authorities say two other men assisted in attempt on Israeli diplomats and that plotters cavorted with prostitutes. View full post on AL JAZEERA ENGLISH (AJE)

South Oil Nominated for Muay Thai Championships

By , January 5, 2012 5:39 am

Iraqi Muay Thai Association has chosen South Oil Club to represent the country in the international championships for clubs in the Bangkok, early March. View full post on Iraq Updates – Latest News

Thai ex-PM questioned over rally crackdown

By , December 9, 2011 2:21 pm

Abhisit Vejjajiva summoned as witness to military action against Red Shirt protesters last year that claimed 90 lives. View full post on AL JAZEERA ENGLISH (AJE)