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Baht posts worst month of 2014

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The baht posted 2014’s biggest monthly slide and bonds fell as a May 22 military coup prompted global investors to pull about $2 billion from the nation’s debt and stocks. 

The currency slumped 1.4% in May to 32.82 per dollar as of 4.03pm in Bangkok, the worst performance in Asia, according to data compiled by Bloomberg. It lost 0.8% this week. The five-year bond yield climbed seven basis points from April 30 to 3.11% and reached a seven-week high of 3.15% on May 27, data compiled by Bloomberg show.

“Foreigners have been selling bonds and stocks as we still don’t know when elections will be held and there remains concern about how the situation will develop,” said Kozo Hasegawa, a currency trader at Sumitomo Mitsui Banking Corp in Bangkok. “That weighs on the baht and the baht may maintain a weaker bias for now.”

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