Global Perspectives: Will the Thai Baht Continue to Defy Gravity?
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Weekly commentary on international finance and economics including global events and how world issues affect our domestic issues.
Will the Thai Baht Continue to Defy Gravity?
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So far, 2019 has been a mixed year for the U.S. dollar. It has been more resilient against developed market currencies than against emerging market currencies, especially Asian currencies.
Within the Asian currency basket, the Thai baht stands out as the best performer even after it weakened nearly 3 percent over a period in February and March, making this a surprising result.
There are clear factors supporting the baht. The country enjoys a favorable balance of payments position and benefits from strong tourism demand. It also has enjoyed inflows due to a relatively hawkish central bank, as Thailand's export economy has held up well despite a slowdown in China amid trade tensions with the U.S.
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