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Thai Baht hits six year high – 31.05 to the US dollar

The Thaiger & The Nation

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Thai Baht hits six year high – 31.05 to the US dollar | The Thaiger

The Thai baht has hit a six-year high, reaching 31.05 to the US dollar yesterday after the US Federal Reserve signalled possible interest rates cuts. The US Fed says their monetary easing would be in response to increased economic uncertainty and a drop in inflation expectations.

The Thai currency is forecast to keep trading in a range of 31.15 to 31.25 to the US dollar.

Thai Baht hits six year high - 31.05 to the US dollar | News by The Thaiger

Journey of the USD-THB since the start of 2016 – xe.com

At a meeting on Wednesday, the US Fed kept interest rates on hold in a 2.25-2.5 per cent target range, amid the trade tensions with China. That was enough to push the Baht to its highest since October 2013.

Krungthai Bank’s chief market strategist Jitipol Puksamatanan noted that one of the US Fed member voted for a rate cut, with seven of the Fed’s 17 policymakers foreseeing the rates cuts amounting to 50 basis points this year.

US stocks rose after the statement, with the S&P500 Index edging up 0.3 per cent. The US dollar depreciated against all assets – from the major currencies to crude oil and gold.

The baht is believed to have gained support from capital markets, which are open to more risks and the prospects coming from a clearly easing US monetary policy.

Major risks to US dollar’s continued depreciation are the ongoing trade negotiations as well as a US economic slowdown as a result of political uncertainties.

Thai Business operators are urging the new government to ease the high living costs for ordinary people as part of efforts to reduce income inequality, while stimulating public investment.

They also say that advances in the country’s transport system should be pushed to increase connectivity and help spur economic expansion. More efforts are also being sought to promote new export markets for agricultural products amid the US-China trade war.

Tourism destinations in smaller communities should be promoted, alongside support for greater marketing opportunities for the products under the One Tambon, One Product scheme.

SOURCE: The Nation



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Business

TMB – strong baht hits foreign investment funds

The Thaiger & The Nation

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TMB – strong baht hits foreign investment funds | The Thaiger

TMB Bank are reporting that the strong baht has cut the value of the foreign investment fund under fund management, falling by 27 billion baht from 1.2 trillion baht at the start of the year.

TMB said the drop reduced the fund’s return by 0.47%. The least impacted funds are those covering oil investment, gold, and property funds, at 0.53%, followed by a balanced fund.

Naris Sathaphondecha, the senior director of the TMB economic analysis centre, said that the baht’s appreciation not only affected the export market and tourism businesses but investors’ portfolios – especially the FIF. The currency has risen 5.8% this year.

The 1.2 trillion baht earlier valuation for the existing FIF funds comprised 836 billion baht in fixed income, 243 billion baht in equities, and 30 billion baht in commodity and property funds.

“The baht’s appreciation widely affects every sector related to business. When investing in US dollars, inventors find returns have less value in baht. The strong baht affects the returns on funds as investors are concerned about the exchange rate. The investment markets have gone down, especially the stock market. Investors will soon know that they are losing profits because of exchange rate. ” he said.

Read the rest of the story at The Nation

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X2 Vibe brand adds third hotel in Phuket

The Thaiger & The Nation

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X2 Vibe brand adds third hotel in Phuket | The Thaiger

PHOTO: Existing X2 Vibe Patong hotel

Cross Hotels & Resorts has signed an agreement with PT Three Land for its third Phuket property, the X2 Vibe Phuket Patong Centre. Poised to open middle of 2021, it is a 50 minute drive from Phuket International Airport and a 10 minute walk to Patong Beach and the bustling Bangla Road walking street.

X2 Vibe Phuket Patong Centre will offers 323 guestrooms, all-day dining restaurants, café and bar, meeting room and fitness facilities. Key features include specially designed family rooms, a state-of-the-art kids club and a large adult swimming pool with sunken DJ Bar, underwater speakers, relaxing music and cocktails.

The announcement follows the debut of X2 Vibe Phuket Patong in September 2018 and the signing of Away Phuket Le Coral in May 2019. Cross Hotels & Resorts chief executive Peter Lucas said the company was very pleased to be signing a contract for its third hotel in Phuket.

“It is a significant milestone to be adding X2 Vibe Phuket Patong Centre to our growing portfolio of hotels in Phuket – officially recognised as one of Asia’s, and indeed the world’s, best places to visit.’’

“Phuket has been clearly identified as a key target destination for Cross Hotels & Resorts now and into the future.’’

Cross Hotels & Resorts currently operates 25 hotels across three distinct brands –X2, X2 Vibe and Away in Thailand, Vietnam and Indonesia.

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Thai PC and notebook sales set to increase 5% in second half of year

The Thaiger & The Nation

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Thai PC and notebook sales set to increase 5% in second half of year | The Thaiger
The market for personal computers and notebook computer will grow around 4.7% in the second half of this year, as students, gaming and e-sports continue to drive growth
The prediction from marketing director at Acer Computer, Nitipat Praweenwongwuthi. Acer recently conducted a survey into the needs of computer users and found that about 50% of customers who purchase gaming computers will utilise their computer for playing games and work while about 15% of users say they will use their computer to develop and create video.

Apple is one of computer players in the market driving student market growth. Early this month, the firm launched a global notebook computer campaign at prices some 4,000 baht lower than those on the market targeting university students.

Apple has updated its MacBook Air, adding True Tone to its Retina display for a more natural viewing experience, and lowering the price to 35,900 baht for members of the public and 31,900 baht for students.

In addition, the entry level 42,900 baht 13-inch MacBook Pro has been updated with the latest 8th-generation quad-core processors, making it twice as powerful than before. It also now features Touch Bar and Touch ID, a True Tone Retina display and the Apple T2 Security Chip, and is available to college students for 38,900 baht.

And it’s not only Apple that’s aiming to do better. Alvin Chen, country manager at Asus (Thailand) said that the second half this year will be better than the first, which saw a decline of 5%.  The second half, however, is expected to catch up with sales divided between 70% for notebooks and 30% for gaming notebooks.  Meanwhile, the processor market share as of May 2019 was shared by Intel at 59.3% and AMD at 40.7%.

Customers in Thai market today want middle and high end products and while in the past, gamers were after high performance, now it’s all about thin and light design and 15 inch screens.

“We kicked off our campaign by offering ASUS Pro Duo and other products specifically designed for the target group,” Chen said.

Since Microsoft Windows is used by more than 95 per cent of operating system (OS) for PC in Thailand, ASUS believe that the growing trend for content creator will favour the company over Apple’s Macbook,” said Alvin, adding that ASUS opening its first is going to have the first ASUS Store this month at Central World and in Rayong in early August.

SOURCE: The Nation

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