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Euro weakens to lowest since January

The euro fell as low as to $1.3157 versus the dollar on Friday, the weakest level since January 10, as a less-than-estimated LTOR repayment amount dented investor sentiment.

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Debt Crisis Long-Term Stability Strategies

The euro fell as low as to $1.3157 versus the dollar on Friday, the weakest level since January 10, as a less-than-estimated LTOR repayment amount dented investor sentiment.

The disappointing repayment figures may indicate some banks are still relying heavily on the ECB funding. The 17-nation currency depreciated against the Japanese yen and British pound.

The European Central Bank said on Friday that some 356 regional banks will pay back €61.1 billion ($80.5 billion) of its second three-year loan borrowed under the second Longer Term Refinancing Operation (LTOR) a year ago as the first opportunity for early repayment opens on February 27. The reported amount represents just under 12% of a total €529 billion borrowed by 800 euro-zone banks last February from the ECB, and it is far smaller than consensus market expectations (around €130 billion).

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Currencies

Thai baht becoming the region’s worst-hit currency in COVID pandemic

According to data from its tourism ministry as well as the World Bank, Thailand had only a little over 34,000 tourist arrivals as of May 2021, compared with over 39 million in 2019, before the pandemic. Fewer tourists also means lower demand for the Thai baht.

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The Thai baht has been hit by a sharp decline in tourism numbers due to the COVID pandemic, making the country’s currency the worst-hit in the region this year, according to Mizuho Bank.

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Currencies

3 Reasons to Be Optimistic About the Baht Right Now

Probably one of the most important factors for the rise of the Baht is the continued weakness of the US dollar, which most experts agree is going to continue declining throughout the rest of the year.

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The Thai Baht, our beleaguered currency, has had something of a difficult few years. Successful debt and inflation crises have eroded the value of the Baht numerous times, not least the events of 2015-16, which saw the Baht plunge to some of the lowest levels against the Dollar in history.

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