Thai baht’s unexpected surge makes a splash, takes the lead in Asian currency gains

In an unexpected buoy of currency today, the Thai baht took the lead in Asian currency gains, reaching a two-month apex. This surge, of 0.9%, comes in the wake of strong hopes for the resolution of Thailand‘s political deadlock and a waning US dollar, factors that buoyed the sentiments of investors.

Meanwhile, share market traders adopted a cautious stance; local shares saw a slight uptick of 0.2%.

Pita Limjaroenrat, leader of the Move Forward Party (MFP) and candidate for prime minister, emerged as an unforeseen victor in the General Election held on May 14.

Pita yesterday announced that the eight-party alliance, which aims to form the impending government, reasserted their support for his prime ministerial candidacy.

Poon Panichpibool, a markets specialist at Krungthai Bank, offered insights.

“Hopes for a political resolution are…