Moments ago news hit the tape that during a televised speech in Bangkok, Thai Prime Minister has proposed a decree to dissolve parliament and call new elections. This is likely in response to the plans of government protesters, who had planned to march on Government House this morning to pressure Yingluck to step down and hold fresh elections.
BREAKING: Thai Prime Minister Yingluck Shinawatra dissolves Parliament, calls for elections.— The Associated Press (@AP) December 9, 2013
Additionally, as VOA reports, a caretaker parliament will be appointed with limited powers.
PM Yingluck: For now caretaker cabinet with limited power. #Thailand— Steve Herman (@W7VOA) December 9, 2013
The immediate result is that the Thai Baht gains 0.1% to 32.115 against the USD, after being down as much as 0.5% earlier. However, this kneejerk reaction may not last. As VOA also reports...
Ms. Yingluck remaining as interim PM unlikely to mollify anti-gov't marchers. #Thailand— Steve Herman (@W7VOA) December 9, 2013
Whether or not this development will be seen as bullish for the EURJPY formerly known as the S&P500, is of course a rhetorical question: if it is a flashing red headline, it is always bullish for stocks.