WEB PBS MAY 18
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BUSINESS SUPPLEMENT<br />
even if temporary. Against the Thai baht the<br />
British Pound saw a similar move rising from<br />
44.04 to a high of 44.78 before dropping back<br />
to 43.84.<br />
The US Dollar vs. Japanese Yen cross rate<br />
has seen a definitive move rising from 105.60<br />
to 107.61 in almost a straight line. This could<br />
be due to technical factors, which saw the Yen<br />
possibly overbought in the near term, and also<br />
domestic factors. (When the USD/JPY cross<br />
rate rises, the Yen weakens). Given that the<br />
USD has remained flat this appears to be a<br />
Yen move as opposed to a Dollar move. When<br />
compared to the Thai Baht, the Yen saw<br />
similar weakness dropping from 0.2971 to the<br />
Thai baht to 0.2909, close to a multi year low.<br />
FOREIGN CURRENCY UPDATE<br />
The US Dollar has been largely flat in the last<br />
month and rose very slightly based on an easing<br />
of trade war fears, better news from North<br />
Korea and the all important interest rate environment<br />
in the U.S. The latter may drive the<br />
dollar higher in the absence of any other news<br />
that would dent enthusiasm. The DXY Dollar<br />
index, (an index that measures the US Dollar’s<br />
value against a number of other currencies),<br />
rose from a low of 89.50 to hit 90.26. Against<br />
the Thai Baht, the Dollar moved from 31.13 to<br />
31.32, the first time for a long time that the rate<br />
has moved up, even if ever so slightly.<br />
The British Pound had quite a volatile time,<br />
moving from 1.4144 to the U.S. Dollar to as<br />
high as 1.4378, before dropping back sharply to<br />
1.3997, firmly back in the existing range of 1.38<br />
to 1.42 which has been holding for more than 2<br />
months. The sharp drop was due to comments<br />
by the Bank of England’s Mark Carney that<br />
mixed data may signal a pause in rate rises,<br />
The Russian Ruble has seen massive moves<br />
due possibly to sanctions from the U.S. and<br />
other local factors. After a steady 2 weeks<br />
at 57.8 to the USD, the Ruble fell sharply to<br />
64.56, a drop of some 11 per cent. Following<br />
that drop some modest recovery was evident<br />
with the Ruble moving to 61.39 to the USD.<br />
Similar moves were evident against the Thai<br />
Baht with the Ruble dropping from 0.5450 to<br />
hit a low of 0.4829 before recovering to 0.5101.<br />
The Euro/USD rate has been quite stable<br />
with the Euro moving between 1.23 and 1.24<br />
against the USD. Over the course of the month<br />
the Euro lost half a cent against the US Dollar<br />
from 1.2350 to 1.2302. Against the Thai Baht,<br />
the Euro has been virtually stagnant moving<br />
from 38.46 to 38.48.<br />
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