“The finance ministry last week cut its forecasts for exports and gross domestic product growth for a third time this year. A factory output index has fallen every month but one since March 2013, while exports have declined each month this year. The government has disbursed less than half the 450 billion baht ($13 billion) earmarked for roads, mass transit and other infrastructure projects in the fiscal year ending Sept. 30,” according to Bloomberg.

THD has been hit by a perfect currency storm: The rising dollar and the Thai central bank’s efforts to depress the baht in a bid to boost Thai exporters. The WisdomTree Emerging Currency Strategy Fund (NYSEArca: CEW) allocates almost 6.7% of its weight to the Thai baht. That ETF is off more than 14% over the past year.

iShares MSCI Thailand Capped ETF

Tom Lydon’s clients owns shares of EEM.