Prasarn Trairatvorakul News
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An interest-rate cut in Thailand may be the best option to slow inflows that drove the baht to a 16- year high as capital controls would deter investors and push up funding costs, according to the Thai Bond Market Association.
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The baht strengthened, snapping a two-day slide, as the governor of Thailand’s central bank said steps to slow the currency’s gains were not discussed at a meeting with government officials.
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Thai Finance Minister Kittiratt Na- Ranong said the central bank should cut the key interest rate by more than a quarter of a percentage point or implement capital controls to stem the baht’s rise, which is threatening exports.
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Thailand’s baht fell by the most in a week on speculation of interest-rate cuts after Finance Minister Kittiratt Na-Ranong said he will meet the central bank’s monetary policy committee on May 13.
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Thai Prime Minister Yingluck Shinawatra’s administration is pushing the central bank to cut its key interest rate to slow foreign inflows that drove the baht to its strongest level in 16 years last month.
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The Thai baht’s biggest quarterly gain against the yen since 1998 was enough reason for Kornkarun Cheewatrakoolpong, a 32-year-old economics lecturer in Bangkok, to change her honeymoon destination to Japan from Italy.
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The euro fell to a two-week low against the dollar as a report showed weakening services and manufacturing in the region, adding to speculation the European Central Bank will lower interest rates to spur economic growth.
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At least three trading patterns show Thailand’s baht, this year’s best-performing Asian currency, is poised to fall as policy makers step up warnings that its rally to a 16-year high is stretched.
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Asian currencies headed for their best week in seven months as Japan’s monetary easing spurred inflows into the region’s assets, and China’s central bank said it would widen the yuan’s trading band.
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Thailand’s baht fell for a third day on speculation the central bank will intervene to limit gains that may hurt exports. Government bonds were steady.
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