Thailand Foreign Exchange Rate Boost

Published on in Foreign Exchange News by

Foreign Exchange Overnight/Morning Ranges:

Rates EUR/USD 1.4510-1.4567
Rates GBP/USD 1.6062-1.6136
Rates GBP/EUR 1.1035-1.1098

Thailand’s baht and South Korea currencies are benefiting due to being the world’s fastest economic growth and rising interest rates that are attracting funds to regional assets.

The baht rose to a one-week high after Prime Minister Abhisit Vejjajiva and the defense minister acknowledged an election victory by allies of exiled former premier Thaksin Shinawatra, damping concern the result would be disputed and lead to political instability. South Korea’s government raised its 2011 inflation estimate last week, fueling speculation authorities will favor appreciation to combat inflation.

The Euro has held onto its gains after last week’s payout for Greece provided respite from the political tensions and clashes with central bankers. Euro finance chiefs meet next week to tackle Greece’s long term lifeline. Worth noting, the German constitutional court will hold a hearing on financial support for Greece tomorrow.

Stock markets also respond positively as the USD is weaker across a broad range of currencies. Sterling a little stronger today, but needs to hold above € 1.1100 for any chance of further technical gains. Holiday in the U.S. today.

EUR/USD currently 1.4521. Support 1.4500, resistance 1.4800.

GBP/USD currently 1.6104. Support 1.6000, resistance 1.6300.

GBP/EUR currently 1.1080. Support 1.0850, resistance 1.1100.

Rate GBP/AUD 1.5000
Rate GBP/CAD 1.5465
Rate GBP/ZAR 10.82
Rate GBP/NZD 1.9410
Rate GBP/PLN 4.3700
Rate GBP/CHF 1.3670
Rate GBP/CZK 26.85

Oil $ 94.73 Gold $ 1500 Dow +1.25% FTSE +0.74% Nikkei +0.53%

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