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Thai Baht Rises Most in a Week on Export Rebound; Bonds Decline

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Sept. 26 (Bloomberg) -- Thailand’s baht advanced the most in a week as customs data showed exports rose last month for the first time since April. Government bonds declined.

Overseas sales, which account for about two-thirds of Southeast Asia’s second-biggest economy, increased 3.9 percent in August from a year earlier. That compared with the median estimate in a Bloomberg survey for a 0.8 percent gain and a 1.5 percent drop in July, official data showed today. The baht has climbed 1.6 percent since Sept. 18, when the Federal Reserve unexpectedly maintained stimulus that’s buoyed emerging markets.

“Sentiment wasn’t bad to begin with, while the better-than-expected export data was additional support,” said Kozo Hasegawa, a Bangkok-based foreign-exchange trader at Sumitomo Mitsui Banking Corp. “Investors continue to assess the outlook for U.S. stimulus and I don’t expect a sharp rebound in the baht. There is no clear one-way direction at this moment.”

The baht jumped 0.4 percent, the biggest advance since Sept. 19, to 31.17 per dollar as of 3:21 p.m. in Bangkok, according to data compiled by Bloomberg. One-month implied volatility, a measure of expected moves in the exchange rate used to price options, rose six basis points, or 0.06 percentage point, to 7.73 percent.

Global funds bought almost $3 billion of Thai bonds than they sold this month through yesterday, according to the Thai Bond Market Association.

The yield on the 3.625 percent notes due June 2023 rose one basis point to 3.86 percent, data compiled by Bloomberg show. The rate reached 3.85 percent yesterday, the lowest level since July 23.

To contact the reporter on this story: Yumi Teso in Bangkok at yteso1@bloomberg.net

To contact the editor responsible for this story: James Regan at jregan19@bloomberg.net

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