Fed moves, China's news pressure baht | Bangkok Post: Most recent

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Baht slides on Fed movements

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  • Writer: Bloomberg
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The baht fell by its biggest margin in almost two weeks Thursday as speculation the US Federal Reserve will scale back its bond buying dampened demand for emerging-market assets. 

The retraction of the baht's movements has come after it dropped below 30 per dollar for the first time since January, and the latest movement occurred after a report showed China's manufacturing is contracting in May for the first time in seven months.

Earlier, Fed chairman Ben Bernanke had said on Wednesday the central bank may taper its US$85 billion a month of purchases if it remains confident of a sustained improvement in the US economy, signalling a drop in the baht.

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