Pattaya July 2020

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BUSINESS SUPPLEMENTFOREIGN CURRENCY UPDATEThe U.S. Dollar lost fully fourpercent of its value before regainingsome of that lost ground back.The weakening followed Fed ChairmanJerome Powell’s commentsthat U.S. interest rates would staynear zero for an extended time, indeedwell into 2022. The DXYDollarindex, the index that measuresthe U.S. Dollar’s value against abasket of major currencies, fellfrom 99.86 to 95.96 before retracingto 97.66.Whilst the U.S. Dollar has beenholding its value due to its statusas the reserve currency of theworld, risks are rising for a potentialdollar crisis. U.S. National debthit 26 trillion dollars this year, representing110% of GDP and doublethe already unsustainable level of13 trillion dollars in 2010. Just howlong the U.S. can issue unlimiteddebt without any hope of paying itback remains to be seen. Yet thereare starting to be murmurings. StephenRoach, Yale University seniorfellow and former Morgan StanleyAsia chairman, believes that ballooningdeficits will change theperception of the US currency andit may mean a “gut punch” to thegreenback.Whether that means that theU.S. Dollar will drop by a massiveamount in a sudden overnight moveis anyone’s guess, but regardless,the Dollar may have a difficult timeremaining at its current elevatedlevels before long.Against the Thai Baht the Dollarfell in almost a straight linefrom 31.98 to 31.00, a three percent move. Yet it was not all downto dollar weakness. There is evidencethat the Thai Baht itself alsostrengthened during the period toadd to the move.The British Pound staged an impressiverally from 1.2193 againstthe U.S. Dollarto hit a high of 1.2794, buoyed byDollar weakness. Yet it gave backmuch of those gains as attentionturned to the U.K,’s poor economicdata. In addition, the Bank of England’sstimulus package furtherhanded the reigns to the bears.The Pound dropped from the highsback down to 1.2348, giving up thekey 1.25 handle.UK debt is also now more than100% of GDP, a level not seensince 1963. Against the Thai bahtthe Pound initially rose from 38.83to hit 40.09 but gave back all thegains and then some more, settlingat 38.26.The Japanese Yen experienceda brief period of weakness, movingfrom 107.70 against the greenbackto hit 109.74, but quickly regainedstrength and moved back to 106.86.When the cross rate falls it indicatesthat 1 U.S. Dollar buys less Yen, andso the Yen has strengthened. TheJPYTHB cross rate fell from 0.294 to0.2875, providing further indicationof the Thai Baht’s strength.The Russian Ruble was muchmore stable, strengthening slightlyfrom 72.27 to 69.32 against theU.S. Dollar. This more muted movecomes after increased volatility inthe currency in previous months.Against the Thai Baht the Ruble wasflat, trading at between 0.445 and0.455.The Euro was arguably the biggestbeneficiary of U.S. Dollar weaknessmoving from 1.0891 to 1.1379to the U.S. Dollar, before retreatingto 1.1182. Against the Thai Baht, therate moved from 34.82 to 35.75 beforefalling all the way back down to34.59.FOREIGN CURRENCY UPDATEis brought to you byWorld TransferGET A BETTER DEAL FOR YOUR MONEY EXCHANGE061 608 4830contact@worldtransfer.onlinewww.worldtransfer.onlineWorld Transfer Paris Bangkok LondonGET A BETTER DEAL FOR YOUR MONEY EXCHANGESend money worldwideIt’s easy and free to open an account onlineSend money overseas easily and securely,with bank-beating exchange ratesThe easy way for businesses to transfer foreign currency online 24/7 and private customersto manage payments overseas, such as for a second home or education fees.FINANCIAL ANALYSIS INVESTMENTS INSURANCE BUSINESS SUPPORTwww.worldtransfer.online www.worldinvestmentguarantee.com www.assurancepattaya.comOffice: 061 608 4830contact@worldtransfer.onlineThepprasit Market next to 3BBThepprasit Rd, Pattaya, Chonburi 20150Office: 061 608 4830, 089 8113 599WORLD INVESTMENTGLOBAL INVESTMENT SOLUTIONSAGSERVICEHigh Tower Co., Ltd. Tel: 038 411 009For all your advertising enquiries - Tel: 0846 77 43 60
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Pattaya July 2020

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