cclub75 Posted January 26, 2007 Share Posted January 26, 2007 I'd like to know who's fking with the currency other than the BOT, WHO ARE THESE SPECULATORS???? .... Thaksin perhaps ? He has the cash. And the motivation. Link to comment Share on other sites More sharing options...
eljeque Posted January 26, 2007 Share Posted January 26, 2007 On June 17, 1997 the baht strengthened to from 25.9 a few days before to 23.2 to the $US. Why would this happen when the country was falling apart? Simply because it allowed those in the know to exchange large amounts of baht into dollars, and then six or 8 months later change them back. The governmental financal departments assisted very rich people to make a fortune while assisting to harm the country's financial situation. http://www.forexdirectory.net/thb.html Baht at 33.175 at 8:24PM Thai Time Link to comment Share on other sites More sharing options...
aznyron Posted January 26, 2007 Share Posted January 26, 2007 Thaivisa Currency Converter (Bookmark it!):http://www.thaivisa.com/currency-converter.0.html 1 usd = 35.47 t/b as of 8.11 pm i 26 07 now let me tell all of you readers you have to get the rate from Bangkok Bank that the one all thai banks use and it 50 or 100 dollor bill to thai baht they use now for my personal opinion the thai baht is over in flatted it not worth 35.47 it should be around 41 or 42 to 1 usd look at the country tourism way down bombing in BKK stock market colapse coup in goverment matial law through out the country irresponsible adminstration does not know how to govern practice of protectism plus a past Tsunami in the south also unrest between muslims and the goverment now you tell me why we should only get 35.47 to 1 usd they can feed you all the B S they want but I know a scam when I see one here is a sample little more than a year a go 1 million baht = 25000 usd now 1 million baht = 35000 usd there is a net profit of 10.000 usd on every 1 million baht that why it a scam some one like bkk bank is scaming the money market but it will colapse and you all who saved your money in your home country bank will make a killing those of us who do not will just lick there wounds and move on I am no econmist but I am from Brooklyn New York were scams were born I can smell it like cheap french perfume just ride the storm you will profit from it AMEN Link to comment Share on other sites More sharing options...
britmaveric Posted January 26, 2007 Share Posted January 26, 2007 (edited) Ouch bahts weakened again closing down near 36. Did a quick refresh now 33 again??? Got to admit this is rather fascinating. Edited January 26, 2007 by britmaveric Link to comment Share on other sites More sharing options...
reddevil_06510 Posted January 26, 2007 Share Posted January 26, 2007 Word to the wise for expats living here and who can negotiate this point.... If you are American, negotiate only in Baht, do not get paid in USD, if you do set a conversion protection clause into your contract that will kick in at every 5% or so. I get paid in Baht for the last 4 years and have only had six months were the Baht came close to reaching the upper limit. If you are investing in, negotiate the price if you can lock in on the exchange rate on that day or put in a clause about the exchange rate etc... while this might not solve the problem it will lessen the blow as you can add a clause that will extend the final payment if the exchange rate becomes a factor. I have checked some of the cross rates, THB, KWN, NTD, PHP, MYR to the USD and the EUR, most are between +2 to -5 on the 3 month charts. It appears that there is a broad based move going on, this might be because of a shift in liquid on a global scale or could be a move by some of the above currency's cash rich trading partners to use some of there cash to further strenghten there positions. For years China has said they want to cool growth, but acutally they need all the greenbacks and euros to fuel capital development and to cover up the pandemic waste in their banking system. Furthermore the situation in Thailand appears to be exacerbated by a combination of forces internal and external who wish to weaken the economy for their own gain and as well as the usual lot of speculators. The people who were shorting the oil market the last few years need to do something. This has lead the a 3 month of -8% against the USD. In the long run this can lead to disaster as this variance in onshore and offshore rates will tie up a lot of the government's money. In conclusion, I think we are looking at 32 before we meet any significant resistance but depending on the players behind the move any resistance could be futile. Link to comment Share on other sites More sharing options...
SamuiJens Posted January 26, 2007 Share Posted January 26, 2007 (edited) RIGHT NOW 9:15 am thai timeLive mid-market rates as of 2007.01.26 02:16:05 UTC. 100.00 USD United States Dollars = 3,403.42 THB Thailand Baht 1 USD = 34.0342 THB 1 THB = 0.0293822 USD New! XE.com Forex Speculation. Click here!! Been clicking away, but you didn't get it right, my friend. Edited January 26, 2007 by SamuiJens Link to comment Share on other sites More sharing options...
Chris Lawrence Posted January 26, 2007 Share Posted January 26, 2007 This was the jaunta we were meant to have? Your are kidding. For the people screaming change 12-18 mths ago, this is what you get when you let the generals tinker with the economy. But then again you know where the smart money has already gone! Link to comment Share on other sites More sharing options...
chiang mai Posted January 26, 2007 Share Posted January 26, 2007 Baht devaluation, here we come! devaluation? how many bottles of Chang today? None and I will remind you of your post at a later date, probably sooner than later! Link to comment Share on other sites More sharing options...
scott1999 Posted January 26, 2007 Share Posted January 26, 2007 9.10pm thai time , jumped to 70.2 = 1 pound , wow what the hel_l is going on . Link to comment Share on other sites More sharing options...
JimsKnight Posted January 26, 2007 Share Posted January 26, 2007 9.10pm thai time , jumped to 70.2 = 1 pound , wow what the hel_l is going on . No its not now! Its at 65.68 to the pound! As at 2120 hrs! http://newsvote.bbc.co.uk/2/shared/fds/hi/...78/intraday.stm Anybody fallen off the roller coaster yet? Link to comment Share on other sites More sharing options...
LaoPo Posted January 26, 2007 Share Posted January 26, 2007 (edited) 9.10pm thai time , jumped to 70.2 = 1 pound , wow what the hel_l is going on . (Just) heavy speculation where the 70 range was hit a few times in the past 10-12 hours; it's floating around 65+ since the past 5-6 hours: http://newsvote.bbc.co.uk/2/shared/fds/hi/...78/intraday.stm One have to bear in mind that 'London' is still open (-7 hours from BKK) and that's where the 'heavy' traders are. edit: Euro-Thai Baht intraday: http://newsvote.bbc.co.uk/2/shared/fds/hi/...78/intraday.stm US$ - Thai Baht intraday: http://newsvote.bbc.co.uk/2/shared/fds/hi/...78/intraday.stm It seems to me that the BoT/Generals/Government are unable to control the Baht versus the powerful economical worldwide moneytraders/speculators. One may blame the latter but at the same time...who's to blame ? LaoPo Edited January 26, 2007 by LaoPo Link to comment Share on other sites More sharing options...
chiang mai Posted January 26, 2007 Share Posted January 26, 2007 Lest we forget, different global markets come online and into play at different times of the 24 hour clock! You worry warts should in Thailand should all get some sleep preceded by as many Changs or whatever as necessary and view the world again tomorrow. Link to comment Share on other sites More sharing options...
chiang mai Posted January 26, 2007 Share Posted January 26, 2007 The link below shows currency movements in Asia against the USD and they are ALL red. http://newsvote.bbc.co.uk/2/shared/fds/hi/..._data/currency/ Link to comment Share on other sites More sharing options...
ramidin Posted January 26, 2007 Share Posted January 26, 2007 I suspect BOT can no longer keep Baht above 36/dollar, therefore allowing the Baht to appreciate. How much longer depends on what new measures the finance minstry and the governor of BOT can come up with. The current 30 percent witholding is not helping the Baht much It is going to be almost impossible for the BOT to 'stabilise' the baht. It is not the baht that is the problem, it is the USD. Every other major currency has appreciated against the USD. The USD/GBP cross rate is now 1.98, and expected to breach the USD 2 barrier soon. Reality is that it is not the "strength" of the baht, it is the 'weakness' of the greenback, more notably the US economy in general, which is carrying a huge unfunded budget deficit, crippling costs from Iraq, declining tax revenue, aging population, huge current account deficit, and stagnant growth - ie recession! Bear in mind the US economy is hurting at a time when oil prices have fallen 25% from peak levels - ie this is bad! The trading range for GBO has long been 67-69 against the baht, with a short spell two years ago where it was 70-72, the slight shift to 67 is not a real worry, as the range from best to worst is 5%, whereas the USD in the same period has slipped 15%! Solution, keep it in baht for now. On a less positive note, this is a disaster for Thai companies who are exporters (like me!!!!) Link to comment Share on other sites More sharing options...
BlackArtemis Posted January 26, 2007 Share Posted January 26, 2007 (edited) when Xe.com said 34.03 I hit the ATM and took out 34,000 baht from America. I just checked my statement and it added up to 35.8 Thank God for delayed reactions :banana: This was the 25th around 7pm Edited January 26, 2007 by BlackArtemis Link to comment Share on other sites More sharing options...
Jingthing Posted January 26, 2007 Share Posted January 26, 2007 (edited) The US economy isn't bad at all right now. The weakening dollar is helping to lower the deficits and helps with US exports and inbound tourism. So it ain't that simple. Seems to me the current baht move is more about the Chinese Yuan. Edited January 26, 2007 by Jingthing Link to comment Share on other sites More sharing options...
britmaveric Posted January 26, 2007 Share Posted January 26, 2007 The link below shows currency movements in Asia against the USD and they are ALL red.http://newsvote.bbc.co.uk/2/shared/fds/hi/..._data/currency/ All the major currencies are red. Link to comment Share on other sites More sharing options...
MartinBKK Posted January 26, 2007 Share Posted January 26, 2007 This kind of volatility is not normal. If i had any Baht (which i don't) i would get it out right now as i fear Thailand has big problems ahead. Link to comment Share on other sites More sharing options...
farangsay Posted January 26, 2007 Share Posted January 26, 2007 This kind of volatility is not normal. If i had any Baht (which i don't) i would get it out right now as i fear Thailand has big problems ahead. I just looked at the link in the previous post and went to the baht/Euro page. The Euro seemed to be heading for the 44baht deck in a total nosedive. Above poster says "get out of baht". Puhleese ? Yours Totally F**king confused of Bangna. Link to comment Share on other sites More sharing options...
LaoPo Posted January 26, 2007 Share Posted January 26, 2007 (edited) went to the baht/Euro page.The Euro seemed to be heading for the 44baht deck in a total nosedive. 43.26250 most recent. http://newsvote.bbc.co.uk/2/shared/fds/hi/...78/intraday.stm Almost 3,5% gain for the Baht against the Euro. That's a lot but since 9.00AM GMT it didn't change that much. LaoPo Edited January 26, 2007 by LaoPo Link to comment Share on other sites More sharing options...
papakapbaan Posted January 26, 2007 Share Posted January 26, 2007 This kind of volatility is not normal. If i had any Baht (which i don't) i would get it out right now as i fear Thailand has big problems ahead. I just looked at the link in the previous post and went to the baht/Euro page. The Euro seemed to be heading for the 44baht deck in a total nosedive. Above poster says "get out of baht". Puhleese ? Yours Totally F**king confused of Bangna. Some posters seem to say there was a similar situation/speculation before the financial crisis of 1997. Some sort of currency Tsunami (sorry, it is the image I have in mind now...) where the sea recedes first to submerge later... Is it is true?? It is possible the current obvious speculation will allow rich Thais ("in the known") to exchange Thai Baht abroad to later pocket the difference between domestic ("artifical"?) exchange rates and exchange rates obtained off shore? (What is this?? Does it really work like this??) In other words, could the quick rise of the Baht value be the prelude to a new huge devaluation? (Like in 1997?) (And: Is it unreasonable to keep large amounts of Thai Baht in Thailand these days??) Link to comment Share on other sites More sharing options...
monch Posted January 26, 2007 Share Posted January 26, 2007 couldnt help but notice that Bangkok Bank, Siam Bank and BOT are all still offering exchange rates of between 69 and 70 baht to the pound.......surely given the current situation it is best to transfer money in pounds and convert in Thailand???? Link to comment Share on other sites More sharing options...
topfield Posted January 26, 2007 Author Share Posted January 26, 2007 Reply to Monch's question Dont know what the rates are in the UK at present , probably aweful but assure you that N/W are giving the higher onshore Thai rate at the moment though atm's here. Dont ask how as dont know how they do this..but they currently do. Link to comment Share on other sites More sharing options...
endure Posted January 26, 2007 Share Posted January 26, 2007 My Nationwide ATM card got 70.551 at the Thai Military Bank on the morning of the 25th. Link to comment Share on other sites More sharing options...
monch Posted January 26, 2007 Share Posted January 26, 2007 As we are due to make our final payment on a Ko Samui Villa within the next month, you can understand why we are very anxious re todays massive rate drop.......I have read a lot of web sites re the discrepancies between the on and offshore rates and it seems to me that the thais are trying to get hold of foreign currencies through their own banks. It will be really interesting to see what happens next week !!!! Link to comment Share on other sites More sharing options...
LaoPo Posted January 26, 2007 Share Posted January 26, 2007 It is possible the current obvious speculation will allow rich Thais ("in the known") to exchange Thai Baht abroad to later pocket the difference between domestic ("artifical"?) exchange rates and exchange rates obtained off shore?In other words, could the quick rise of the Baht value be the prelude to a new huge devaluation? (Like in 1997?) 1. Unlikely that some very wealthy Thai (or institutions!) are speculating but not impossible; depends how much -huge- funds they have abroad -to play with- but I doubt if these sums would influence the Baht substantially. Speculating on a grand scale is a VERY specialized 'game' and not for individuals with some money. 2. Devaluation...? Quite possible but a timeframe is hard to predict. Personally I don't see that many reasons as of why the Baht is so expensive at the moment. The -Thai- money market seems to be very nervous and that's mostly because of big players around the world (Forex). 3. It seems to me that the BoT/Government has to do something in the very near future about the value of the Baht; the 30% rule and other new 'laws' didn't help the economical situation of Thailand. On the contrary. Therefore a devaluation of the Baht wouldn't surprise me at all. The sooner the better...for Thailand. LaoPo Link to comment Share on other sites More sharing options...
monch Posted January 26, 2007 Share Posted January 26, 2007 Im useless at adding attachments but have a look at todays herald tribune business page ie Thai capital controls causing baht to trade at stronger rate outside country....it makes for very interesting reading !! www.iht.com/articles/ap/2007/01/26/business/AS-FIN-ECO-Thailand-Currency Link to comment Share on other sites More sharing options...
bubbles Posted January 26, 2007 Share Posted January 26, 2007 Went to pay the rest of my hotel booking this evening & spat beer all over my PC's monitor; I'm not really into the financial ins & outs of Thailand but going from £1/70THB to £1/65THB in a few days isn't good I guess. Any sign of a fix over the coming days or could it possible fall further and ever scarier? Link to comment Share on other sites More sharing options...
sfokevin Posted January 26, 2007 Share Posted January 26, 2007 I am a bit confused by the onshore/offshore trading?... Why would anyone trade Baht offshore at say 33.50 baht/$ rate when they can wait for the BOT to open and get 36.00 baht/$? Link to comment Share on other sites More sharing options...
LaoPo Posted January 26, 2007 Share Posted January 26, 2007 (edited) Im useless at adding attachments but have a look at todays herald tribune business page ie Thai capital controls causing baht to trade at stronger rate outside country....it makes for very interesting reading !!www.iht.com/articles/ap/2007/01/26/business/AS-FIN-ECO-Thailand-Currency The link doesn't work. I searched for it but without result ? edit: Maybe this will give some insight as of why the Baht is -also- rising, due to speculation: "HONG KONG: The Thai baht rose to its strongest level since 1997 in offshore trade, spurred by speculation of demand from global funds to buy stocks." "Stocks look to be relatively cheap and that may encourage some people to buy." http://www.iht.com/articles/2007/01/25/bloomberg/sxforex.php LaoPo Edited January 26, 2007 by LaoPo Link to comment Share on other sites More sharing options...
.png.3b3332cc2256ad0edbc2fe9404feeef0.png)
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now