The Thai baht is surging

The Thai baht is surging. 
The currency is up by 0.9% at 35.361 per dollar as of 12:27 p.m. ET.
Earlier, Thailand's Royal Palace said King Bhumibol, the world's longest-reigning monarch, has died at age 88.
"The death of Thailand's highly-revered king will plunge the country into a state of mourning, and also deep political uncertainty. There is a risk that political tensions flare up, triggering a slowdown in economic growth," argued Krystal Tan and Gareth Leather of Ca