Thailand's baht rose for a second day as gains in United States equities and economic indicators boosted risk sentiment and brightened the outlook for Asian exports.
The Dow Jones Industrial Average (INDU) surged to a record on Tuesday and a report showed service industries in the US expanded in February at the fastest pace in a year as a recovery in housing rippled through the economy. Confidence among American households rose in February, a consumer sentiment survey showed March 1. The US is Thailand's second-largest export market along with Japan, purchasing 9.9% of the total shipments in January, official data show.
"Continued gains in US stocks encourage investors to take risks and put more funds into the emerging markets," said Yuji Kameoka, chief currency strategist at Daiwa Securities Co in Tokyo. "We have seen strong US data recently, which is also good for Asian exports."
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