Traders then realized that, in theory, the only major event that happened yesterday was the resignation of the Thai Finance Minister, but this impact should have become apparent after the European and American markets opened, and the Thai baht exchange rate would have been instantly and drastically reduced.
It doesn't make sense that a big drop would only occur in the middle of the night.
"Pay attention!" the trading manager warned again, "I anticipate a significant sell-off today."
Many traders nodded in agreement. They had experienced the fierce battles of the past few months, and looking back, it still felt like a dream. They no longer felt the same fear about the upcoming situation.
After all, in their view, Thailand has ample foreign exchange reserves and there's no reason why it shouldn't be able to hold onto them.
soon.
In the foreign exchange market, trading with Thai domestic banks has commenced.
Instantly, countless phones rang throughout the room.
All of these calls were from people wanting to sell Thai baht, because they had bought Thai baht the night before at the lowest price and naturally wanted to sell it off as soon as possible.
It's not because I'm worried about the Thai baht depreciating, but because I hope to earn a higher exchange rate difference as soon as possible.
Since everyone knows that the bot will definitely intervene, Thai local banks will also give a higher price based on their own estimates, and then sell when the bot intervenes, thus making a profit from the exchange rate difference.
Market liquidity subsequently recovered.
......
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