Ignorance In The Uk

[topfield]

This posting is NOT about the baht. It is about the fact that even fx dealers amazingly do not know whats going on over here. Below a posting from the General Topics column. Astonishing !

Posted Today, 2007-01-27 22:33:48

QUOTE

I am a FX dealer based in the UK. On Tuesday the baht was 70.55 to the £, fell a little Wednesday to 69.75 , then Thursday i saw it drop dramatically to 67.25 and Friday morning UK time it went to 64.9 before closing friday at 65.72. I phoned my Thai friend who by co-incidence arrived in BKK Thursday afternoon after the big drop had started and warned him (this was on Friday) that the baht had gone up in value by an amazing amount and he was due a big dissapointment whe he changed his pounds. I said he will only get around 64.50 instead of the hoped for 69 when he left thge UK . But i just changed them all at 69.33 he said!!

So I don't understand why if the spot rate is 65.72 , you can still get 69.33 in BKK. I have never known this to happen before , although they are sometimes a few hours behind the curve they are not usually THAT behind

[samran]

Toppy,

Thailand ain't the centre of the world.

The boys and girls at Canary Wharf and the home counties FX houses pay attention to other markets which make them more money I'd suspect.

[chuchok]

This posting is NOT about the baht. It is about the fact that even fx dealers amazingly do not know whats going on over here. Below a posting from the General Topics column. Astonishing !

Posted Today, 2007-01-27 22:33:48

QUOTE

I am a FX dealer based in the UK. On Tuesday the baht was 70.55 to the £, fell a little Wednesday to 69.75 , then Thursday i saw it drop dramatically to 67.25 and Friday morning UK time it went to 64.9 before closing friday at 65.72. I phoned my Thai friend who by co-incidence arrived in BKK Thursday afternoon after the big drop had started and warned him (this was on Friday) that the baht had gone up in value by an amazing amount and he was due a big dissapointment whe he changed his pounds. I said he will only get around 64.50 instead of the hoped for 69 when he left thge UK . But i just changed them all at 69.33 he said!!

So I don't understand why if the spot rate is 65.72 , you can still get 69.33 in BKK. I have never known this to happen before , although they are sometimes a few hours behind the curve they are not usually THAT behind

he doesn't understand?

[monch]

He would STILL get a similar rate in BKK next week.....nothing has changed on the onshore rate and probably wont!

were considering changing our jersey HSBC account to Bkk next week and change the pounds to baht in Thailand.