|Day's Range||30.12 - 30.26|
|52 Week Range||29.4294 - 32.8300|
TECNO, the premier global smartphone brand known for its ahead of the curve approach, is launching today yet another future-ready device 'TECNO POP3 Plus at just 2,500 Baht. Bolstered by the success of POP series, TECNO POP 3 Plus will be a game changer in the 2,500 Baht smartphone segment owing to its monstrous 4000mAh battery. The product will be available for sale on all official retail stores starting 1st December 2019.
(Bloomberg) -- YouTrip, the provider of a multi-currency travel wallet service in Asia, thinks it could be a beneficiary of Thailand’s high-flying baht.The baht’s climb spurs foreign-exchange demand by encouraging Thais to travel and shop abroad, YouTrip’s Chief Executive Officer Caecilia Chu said in an interview in Bangkok. The company rolled out its service in Singapore last year and in Thailand this month.“This is the best time to enter the market,” Chu said. “People want to buy things outside of Thailand because the currency is so strong.”YouTrip offers a multi-currency travel e-wallet with a prepaid Mastercard. Users charge up the wallet from their smartphones. The card lets travelers pay overseas with no fees in 150 currencies at wholesale exchange rates, according to the firm.The service is trying to disrupt a sector that can involve either time-consuming, cash-heavy trips to money changers, or the use of traditional bank cards with fees and exchange-rate markups.The firm’s revenue comes from commissions paid by merchants for purchases using the card.Baht ImpactThe Thai baht has appreciated more than 9% against the dollar in the past year, the most in emerging markets, data compiled by Bloomberg show. The jump has hurt the trade-led Thai economy, which is on course for the weakest growth in 2019 in five years.The slowdown could crimp outbound tourism temporarily but many analysts see long-term potential. Chu said about 11 million Thais go overseas for holiday each year, spending an estimated 400 billion baht ($13.2 billion).She aims to sign up 400,000 Thai customers in the first year. The “untapped opportunity” stems from the fact they undertake foreign-exchange transactions in cash, Chu said.YouTrip, which also has a base in Hong Kong, plans to expand into at most two more Southeast Asian markets over the next year, Chu said. The firm raised S$25.5 million ($18.7 million) in funding in May.\--With assistance from Yoolim Lee.To contact the reporter on this story: Natnicha Chuwiruch in Bangkok at email@example.comTo contact the editors responsible for this story: Sunil Jagtiani at firstname.lastname@example.org, Shamim AdamFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- The Thai baht’s reign as Asia’s best-performing currency is coming under threat from an unlikely source: South Korea’s won.The baht has slumped into the bottom half of the regional rankings this quarter after heading the table for three consecutive three-month periods. The won meanwhile has shrugged off its chronic underperformance and rocketed to the top.The main reason behind the Korean currency’s revival has been the sea-change in sentiment surrounding U.S.-China trade tensions. After the dispute between the world’s two-largest economies heightened through the early part of year, recent rhetoric suggests a phase-one deal is getting closer.This has been a big fillip to the won as the two countries are by far the largest buyers of South Korea exports. The won has strengthened 2.5% against the dollar this quarter after sliding 6.7% during the first nine months of the year.The won is also being supported by a brace of domestic factors. Industrial production growth for September was four times the median estimate of economists, while semiconductor inventories for the same month dropped the most in two years, suggesting a prolonged slump in tech demand may be easing. The won may get a further boost if trade data on Thursday backs up these green shoots.Baht FaltersThe baht has tumbled down the regional rankings after Bank of Thailand stepped up measures to cap the currency’s strength. Policy makers cut interest rates for the second time in three months on Nov. 6, lowering the benchmark to match an all-time low 1.25%. They also said they would ease rules on outflows to curb the surging currency.Measures taking effect Nov. 8 included allowing exporters to keep a larger amount of money abroad, and scrapping most restrictions on outward transfers. The Bank of Thailand will review these policies every three months and take further steps if needed, Deputy Governor Mathee Supapongse said.While still eking out a modest gain versus the greenback this quarter, the baht has dropped 0.4% from a six-year high set in late October. The currency may remain under pressure Monday as a report is forecast to show economic growth virtually stalled in the third quarter.The baht-won cross -- a synthetic exchange rate calculated from the level of the two currencies against the dollar -- has dropped 3.4% from its August high. The pair has broken below an uptrend that has held since the start of the year and there’s every chance its recent losses may be just the start of longer decline.Below are the key Asian economic data and events due this week:Monday, Nov. 18: New Zealand performance service index, Singapore NODX, Thailand 3Q GDPTuesday, Nov. 19: RBA minutes and Assistant Governor Kent takes part in panel, Philippine BoPWednesday, Nov. 20: Japan trade balance, China loan prime rate, South Korea PPI, Malaysia CPIThursday, Nov. 21: New Zealand credit-card spending, Japan machine tool orders, South Korea 20-day exports/imports and 3Q household credit, Bank Indonesia rate decision, Thailand customs trade balanceFriday, Nov. 22: Japan CPI and manufacturing PMITo contact the reporter on this story: David Finnerty in Singapore at email@example.comTo contact the editors responsible for this story: Tan Hwee Ann at firstname.lastname@example.org, Nicholas ReynoldsFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
* Baht touches weakest level since Oct 17 * ING sees no more Thai rate cuts for the year * Philippine peso drops as September trade deficit widens * Markets await clarity on China-U.S. tariff concessions * Chinese yuan rises on strong midpoint fix (Writes through with detail on Thai baht) By Ambar Warrick Nov 6 (Reuters) - The Thai baht extended losses on Wednesday after an interest rate cut by the Thai central bank, while most other Asian currencies dipped as markets awaited concrete details on China-U.S. tariff concessions. The Bank of Thailand cut rates for a second time this year, with the benchmark one-day repurchase rate now at a record-low level as the bank attempts to shore up inflation and rein in a robust baht.
* Chinese yuan sole gainer on strong midpoint fix * Philippine peso drops as Sept trade deficit widens * Markets await clarity on Sino-U.S. tariff concessions (Adds text, updates prices) By Ambar Warrick Nov 6 (Reuters) - Most emerging Asian currencies eased on Wednesday with the Thai baht dropping ahead of a central bank policy rate decision, while the Chinese yuan firmed below 7 per dollar after the People's Bank of China fixed the daily midpoint at its strongest level for three months. Regional markets tested gains made earlier in the week as investors awaited concrete details from the Sino-U.S. trade front, with a report suggesting that the United States was considering certain tariff concessions on China.
Relations between the world's two biggest economies worsened after the U.S. government widened its trade blacklist to include some of China's top artificial intelligence startups, which drew a sharp rebuke from Beijing. "Expectations for the high-level trade talks are very low. Thus, any news that suggests a further deterioration in the U.S.- China relationship has been broadly priced in," said Eugenia Fabon Victorino, head of Asia strategy at Skandinaviska Enskilda Banken.
Indian rice export prices slipped this week as demand from Africa remained sluggish, while shipments from Thailand remained sluggish to a strong baht. Prices of 5% broken parboiled variety in top exporter India were quoted at around $371-$375 per tonne this week, down from $373-$379 a week ago. Demand from African countries has been muted for the last few weeks, even as export prices have corrected, said an exporter based at Kakinada in the southern Indian state of Andhra Pradesh.
Thailand's exports plunged in August, as the strength of the baht hit its key commodity shipments, adding to the woes caused by escalating global trade tensions. Exports, a key driver of Thai growth, fell 4% in August from a year earlier, worse than a forecast 2% fall, despite a 378% surge in gold exports. "The baht makes our products more expensive than others'," commerce ministry official Pimchanok Vonkorporn told reporters.
A plunging rupee weighed on Indian rice export prices this week while a strong baht kept rates for the grain from flood-hit Thailand near a one-year high and more expensive than its Asian competitors. "Buyers from the Philippines haven't placed any new deals this week ahead of a harvest there later this month," a trader based in Ho Chi Minh City said.
A strong Thai baht and a slowdown in arrivals from China are battering the kingdom's moneymaking tourism machine even as the country hopes to welcome a record 40 million visitors by the end of the year. Most travellers to Thailand are from China and other countries in the region, but millions also come from Europe and the US and currency conversion rates impact decisions when budgeting for trips. "It absolutely has an effect, when compared to other Asian country currencies they would rather go to Vietnam, Malaysia, Singapore or Indonesia," said Wichit Prakobgosol, president of the Association of Thai Travel Agents.
Bangkok Airways and smaller Thai carriers have reported surging second-quarter losses as they reeled from a decline in Chinese tourists and a strengthening baht currency. Bangkok Airways said late on Tuesday that its second-quarter loss amounted to 698 million baht, against an 82 million baht loss for the same period a year earlier. The airline's president, Puttipong Prasarttong-Osoth, said on Wednesday that the carrier's revenue dropped 4.2% due to slow growth in international tourist arrivals and the strengthening of the Thai baht, adding that in the second half of the year the carrier aims to increase online ticket sales via e-commerce platforms like Shopee.
Any rise in oil prices puts pressure on major importers of the commodity in the region such as India, Indonesia and Thailand. The dollar would hold the upper hand in Asia this week and the "jittery risk environment" surrounding Iran tensions could further impinge on the Asian currencies, OCBC Bank analysts said in a note on Monday.
* Thai baht set for worst week since early March * All eyes on China June trade data, widely seen to fall * Dismal Singapore Q2 growth stokes recession fears (Adds text, updates prices) By Devika Syamnath July 12 (Reuters) - Most Asian currencies weakened on Friday as renewed doubts about the chances of a Sino-U.S. trade deal dampened appetite for riskier assets. Investors were also anxiously waiting on trade data for June from China later in the day, which is expected to show weak exports in yet another sign of the broadening economic impact of the trade war. The Thai baht weakened sharply after its central bank clamped down on speculative foreign inflows to temper rapid gains in Asia's best performing currency this year.
Thailand's rice exports fell by 12% in the first half of 2019 hurt by a strong baht, and will likely fall short of this year's target of 9.5 million tonnes, an exporter group said on Wednesday. The country has been struggling to export rice at a time when the Thai baht is Asia's best performing currency and is trading near its strongest in more than six years at 30.81 against the U.S. dollar. Thailand, the world's second-largest rice exporter after India, shipped 4.2 million tonnes of rice between January and June, with orders in the last two months declining to as low as 600,000 tonnes per month.
Top Asian currencies such as the ASEAN region’s best performer the Thai baht (THB), the Korean won (KRW), and Indian rupee (INR) are in a tight position following June’s stronger-than-expected US jobs report. The prospects ...The post Analysis: Thai Baht's Performance Is Out Of Sync appeared first on Emerging Market Views.