Morgan Stanley Squares Off Against JPMorgan on Baht
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Depending on whether you listen to Morgan Stanley or JPMorgan Chase & Co., the imposition of martial law in Thailand will either send the baht tumbling to levels last seen in 2006 or put an end to its losses.
Morgan Stanley yesterday reiterated its prediction that the baht will weaken 12 percent by year-end to 37 per dollar as the political crisis pushes the country toward a recession. JPMorgan was more optimistic, confirming an overweight recommendation on the currency, amid bets the army’s move will help end months of street protests.