Baht Weakens as Fitch Says Europe Crisis a Threat to U.S. Banks
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The Thai baht fell toward a two-week low after Fitch Ratings said Europe’s debt crisis may pose a risk to U.S. banks, prompting investors to favor safer bets than emerging-market assets. Government bonds rose.
Global funds sold $79.6 million more Thai shares than they bought yesterday, taking net sales for the month to $165 million, exchange data show. Thailand’s floods may cost between 300 billion baht ($9.7 billion) and 400 billion baht, or 3 percent to 4 percent of gross domestic product, Barclays Capital said today in a report.