WEB PBS JAN 18

BUSINESS SUPPLEMENT
against the Thai baht, but you would be unlikely
to secure that spot rate at exchange booths.
Spreads at currency exchange booths could
remain higher than normal due to Brexit uncertainty
for some time to come.
The USD/JPY cross rate moved from 113.10
to 111.10 and then crawled all the way back to
its start position, settling in a range of 112.70
to 113.40.Against the Thai Baht,the Yen faired
worse due to Baht strength and any of the
gains later in the period have been all but
wiped out. 1 yen fetchedas low as 0.2868Thai
Baht, continuing to mark multi-year lows and
still substantially below the 0.3000 psychologically
important level for the market.
FOREIGN CURRENCY UPDATE
The dollar has weakened in the last few weeks
by about 1.5 per cent. The DXY Dollar index,
(an index that measures the US Dollar’s valueagainst
a basket of other currencies), has fallen
from a high of 95.1 to drop to a low of 92.8
before recovering to 93.4. At the same time the
Thai baht has seen its own strength and is at
its strongest in several years. It moved from
32.90 to the USD to 32.44. Baht strength may
continue as momentum builds, but if history
is anything to go by, any moves will likely be
gradual.
The British Pound has been quite volatile of late
driven by Brexit news events amongst other
economic data. However, the moves have been
broadly positive for the British currency rising
from 1.3090 to hit 1.3520 before settling in a
range from 1.3320 to 1.3450.
Against the Thai Baht the spot rate dipped then
peaked and in the end returned to just above
previous levels with the Thai baht’s strength
negating any eventual Sterling gains. The currency
remains in the range of 43.40 to 43.85
The Russian Ruble has remained relatively
stable against the US Dollar, moving between
58.8 and 59.4, a new range that is slightly
higher than the previous one by about 0.5 per
cent.When compared to the Thai Baht, the
Ruble has also remained relatively stable in a
range of 0.5570 to 0.5500, but the bottom end
of this range shows that the Russian currency
has lost some ground.
The Euro/USD rate has fluctuated quite wildly
between 1.1700 and 1.2020, but the currency
has really gone nowhere for the last month
resting at around 118.20, close to its start
point. The currency appears to be well bid
and remains within 3 per cent of its recent
high of 1.2100, but fresh catalysts will likely be
required for a push back to that high and beyond.
Against the Thai Baht, the Euro fell from
39 to 38.37 mirroring the Thai baht’s strength
against other currencies.
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