Thai Baht soars, biggest gain in a year on 11 Jun 20

  • The baht surged the most in a year on 11 Jun 20, defying a selloff among emerging Asian currencies and testing the central bank’s patience after it warned of economic risks from continued appreciation.
  • The baht advanced as much as 1.1% against the dollar, the most since Jun 19. The Thai currency has breached its 200-day moving average resistance, a technical pattern that could encourage speculative inflows.
  • At the start of Jun 20, the Bank of Thailand (BoT) said it was concerned about the baht’s recent and rapid appreciation and added it was ready to take steps to curb a climb that could imperil an already fragile economy.
  • Finance Minister Uttama Savanayana told reporters in Bangkok that it is the central bank’s job to make sure the baht is not an obstacle, adding the currency should move line with the economic recovery.

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