August 27th, 2008

THB
Hiked rates from 3.5% to 3.75%
Deputy FM Suchart Thadathamrongvej said rates should be kept on hold and called for CB Gov Tarisa Watanagase to resign if they hiked
Economy slowed more than expected ($245bn economy) at 5.3% (vs. 6.1% last year)

KRW
came off as trade minister said KRW above 1080 will hurt the economy

SGD
Extended fall with EUR above 1.4800; support at 1.4110/20 levels
Lift above 1.4170 will trigger upmove back to Tuesdays high of 1.4278

THB
CS was a seller in spot and swaps; importers still keen to buy usdthb
Daily funding volatile, trrading between -0.8 and +2 for month end; lookig for 34.50
Civil court ruled against PAD and arrested 9 leaders, including 4 for treason;

ZAR
13.0% CPI lower inflation forecast slightly, but indicates inflation could peak in August vs. July
Next move for a cut is being priced in for Jan meeting; Firstrand thinks Q208
- even with 200-300bp cuts, rates still realtively very high