Baht set for its fourth weekly decline, bonds fall on Syria tensions | Bangkok Post: Most recent

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Thai baht, bonds decline on US data

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Thailand’s baht was set for its fourth weekly decline, the longest losing streak in three months, and bonds fell before US jobs data that may influence expectations for when the Federal Reserve will rein in stimulus. 

The baht dropped to a three-year low ahead of data today that may show US employers added 180,000 jobs in August after an increase of 162,000 the previous month, according to the median forecast in a Bloomberg survey of economists. Global investors sold US$31 million more Thai equities than they bought this week through yesterday, exchange data show, amid concern the US is moving closer to a military strike against Syria.

“The biggest focus in the market now is the US employment data to assess the outlook for the Fed’s reduction in stimulus,” said Hideki Hayashi, a researcher at the Japan Center for Economic Research in Tokyo. “Emerging-market currencies and assets are under downward pressure and such severe conditions will probably continue for a while. Syria tensions are adding to weak sentiment.”

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