Photographer: Rachen Sageamsak/Xinhua/Getty Images
Photographer: Rachen Sageamsak/Xinhua/Getty Images
A tug-of-war is building for Thailand’s baht as concern about the nation’s virus outbreak counters the support from its current-account surplus.
Tailwinds for the baht are fading after it breached the key level of 30 per dollar as a jump in domestic infections weighs on economic growth. Traders are now trying to determine if the currency’s recent pullback is a pause en route to it testing the year’s high of 29.542 or the start of a weaker trend.
The baht’s reversal of fortunes illustrates how a rally in emerging Asian currencies risks unraveling as a relentless rise in infections worldwide clouds the outlook. Still, if the…
