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The Thai baht is tumbling.

The currency is down by 0.8% at 35.720 per dollar as of 7:31 a.m. ET.

Palace officials recently stated that Thai King Bhumibol Adulyadej’s health is “not stable,” and that he was being prepped for haemodialysis, which is used to treat kidney failure. Analysts are starting to worry about what this might mean for the country.

“The failing health of the king adds another layer of uncertainty to an already highly unpredictable situation,” argued Capital Economics’ Krystal Tan and Gareth Leather in a note on Tuesday. 

The situation “poses a key risk to the country’s economy. His death would plunge the country back into political crisis, which in turn could push the economy into recession.”

As for the rest of the world, here’s the scoreboard as of 7:33 a.m. ET:

  • The British pound is up by 1.1% at 1.2262 against the dollar after touching a low of $1.2106 overnight. “The catalyst came from Theresa May, who promised MPs a ‘full and transparent debate’ on the form that Brexit eventually takes. It’s not a formal vote on the issue, but it’s better than nothing, and has momentarily put to bed the fears of a hard exit from the EU, allowing sterling a chance to recapture some lost ground,” Connor Campbell, financial analyst for SpreadEx, said in an email this morning.
  • The Russian ruble is higher by 0.3% at 62.4998 per dollar, while prices for Brent crude oil, the international benchmark, are up by 0.6% at $52.80 per barrel.
  • The Japanese yen is lower by 0.1% at 103.63 per dollar.
  • The US dollar index is little changed at 97.71 ahead of JOLTS, which will be out at 10 a.m. ET, and the September FOMC minutes, which will cross the wires at 2 p.m. ET.

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