The Thai Baht has been on a tear recently, up 10% since the start of this year and up close to 20% since last summer. Up until a few weeks ago, the currency had largely been flying under the radar of forex traders. Since then, however, the Baht has appreciated at a breakneck pace, surging to a 9-year high against the USD. JP Morgan, an investment bank, has raised its rating on Thailand, calling it one of the most promising emerging markets on its radar screen. Many analysts feared the worst several months ago, when a military junta seized power in Thailand, an event which was quickly followed by draconian capital controls and political stability. Thailand’s economy seems to have largely shrugged off these concerns, propelling the Baht upward. Nation Multimedia reports:

JP Morgan compared Thailand to Korea in 2004. In October 2004, the Korean won started a sharp appreciation. [That year] Korea outperform emerging markets by 20 per cent in 2005, and Asia Pacific excluding Japan by 30 per cent.