The Thai baht has gained about 6% this year, helped by broad dollar weakness and a rally in gold.
New Thai Prime Minister Anutin Charnvirakul’s key cabinet choices may be seen as a reassuring signal by investors who have long been frustrated by the nation’s frequent bouts of political turmoil.
Anutin, who announced key posts even before he received the customary royal endorsement, said he took swift action because his commitment to hold a fresh election within four months means there’s little time to waste. That may help turn things around in Thailand, where the benchmark stock index is Asia’s worst performer this year — it’s down almost 10%, while MSCI’s Asia-Pacific gauge is up 17% — and foreign investors have pulled out a net US$2.5 billion.
