The Euro to Thai Baht (EUR/THB) exchange rate is currently trending in the region of 38.3671.
European economic data produced mostly positive results during Thursday’s European session, causing the common currency to edge higher versus many of its currency rivals. Easing fears regarding Greece’s stock market also saw heightened demand for the Euro. However, the gains have reached a plateau as traders continue to show concern regarding the Hellenic nation’s attempt to secure debt restructure within the terms of its third bailout deal.
German Factory Orders bettered expectations in June on both an annual and a monthly basis. July’s German Construction PMI edged lower from the previous month’s figure but remained in growth territory. July’s Eurozone Retail PMI improved from 50.4 to 54.2, and the German Retail PMI gained from 54.0 to 57.7. Markit economist Phil Smith said: ‘July’s retail PMI showed sales growth accelerating sharply as levels of trade rose across Germany, France and Italy. Each made positive strides since June though it was Germany that remained by far the brightest performer, recording a sharp increase in sales that was the fastest since late-2006. The especially good weather had a positive influence on these results, leading consumers to splurge on food and drink in particular, from which we may see some payback in the following month’s data as households reassess their finances.’
The Euro to Thai Baht (EUR/THB) exchange rate dropped to a low of 38.2803 during Thursday’s European session.
The Thai Baht declined versus many of its currency rivals after consumer confidence data declined for the seventh consecutive month, dropping to a fresh 14-month low. July’s Consumer Confidence was expected to rise from 74.4 to 75.8, but the actual result plunged to 73.4. The drop in consumer sentiment has been linked to downward revisions to economic growth forecasts, a slump in exports and the recent drought. ‘More than 50% of people in the survey believed the Thai economy in July was the worst in 43 months, since the great floods in 2011,’ stated University of the Thai Chamber of Commerce (UTCC) vice-president Thanavath Phonvichai.
‘If the government comes up with good short-term stimulus measures, consumer confidence may pick up in the fourth quarter,’ the university said.
The Euro to Thai Baht (EUR/THB) exchange rate reached a high of 38.4290 during Thursday’s European session.