Coronavirus: British Pound plunges to its lowest level in over 30 years

[saengd]

13 minutes ago, pacovl46 said:

Well, I found it remarkable that the GBP as well as the Euro went downhill/Thai Baht went uphill that much. I also find it remarkable that the price for one Baht of gold (15,1 grams if I’m not mistaken) went from 6250 Baht per Baht in 2003 to 6850 just before the financial crisis and then to over 30000 during the crisis. Since I don’t live on Thailand anymore I don’t know the current price. Would love to know, though. 

https://goldprice.org/gold-price-thailand.html

 

Most of those price movements were a result of the US and QE, the Thai Baht is loosely linked to USD for trade purposes so it tends to track USD.

[nauseus]

38 minutes ago, pacovl46 said:

Yeah, that was a mistake I’ve made and I’ve already copped to that. I’ve never said anything about 30 years ago or 2003 having been 30 years ago, though.

The reference to 30 years ago was in the headline of the thread....but it looks like you missed that....by a mile. 

[Rimmer]

Baiting troll post and reply removed

[pacovl46]

22 hours ago, nauseus said:

The reference to 30 years ago was in the headline of the thread....but it looks like you missed that....by a mile. 

I didn’t miss that,  but I didn’t bring up the 30 years in any of my posts until you did. And the way you did made it look like I can’t count. 
 

It seems like you’re from the UK and bitter that I pointed out that the GBP took a major plunge and now you’re on my back, is that it? 
 

FYI, 2003 was when I moved to Thailand and therefore that year is my reference point.

Edited March 22, 2020 by pacovl46
Forgot something

[nauseus]

2 hours ago, pacovl46 said:

I didn’t miss that,  but I didn’t bring up the 30 years in any of my posts until you did. And the way you did made it look like I can’t count. 
 

It seems like you’re from the UK and bitter that I pointed out that the GBP took a major plunge and now you’re on my back, is that it? 
 

FYI, 2003 was when I moved to Thailand and therefore that year is my reference point.

The reference to 30 years ago was in the headline of the thread..

[pacovl46]

11 hours ago, nauseus said:

The reference to 30 years ago was in the headline of the thread..

And what does that have to do with any of my posts? SMH!

[nauseus]

1 hour ago, pacovl46 said:

And what does that have to do with any of my posts? SMH!

Nothing but that shows why all of your posts have nothing to do with the OP.

[metisdead]

Off topic posts and replies have been removed. 

[phetphet]

I changed  GBP 100 yesterday here in Samui. Got 37.25.

Looked in one of those BP exchange booths that are everywhere here. They were offering under 35.6 !!

Lowest I have ever seen.

[bristolboy]

18 minutes ago, phetphet said:

I changed  GBP 100 yesterday here in Samui. Got 37.25.

Looked in one of those BP exchange booths that are everywhere here. They were offering under 35.6 !!

Lowest I have ever seen.

The reason for that big discrepancy is that the pound is so volatile now that exchange booth dealers don't want to be caught holding lots of them without some added insurance.

[Blue Mango]

On 3/20/2020 at 2:52 AM, Logosone said:

 

The fall of the pound is not due to the virus, the virus merely exacerbated the fall of the pound which began much earlier. However, Boris Johnson and his Brexit government are of course the only people who could have addressed the structural problems, such as excessive debt, which plague the UK economy and have led to a fall in the pound which is much worse and and much deeper than that of any other currency. 

 

Sadly for the Uk and its people, the only remedy the Brexit government could come up with is that of a 17 year old Liverpudlian, 'Let's increase the overdraft. Let the another generation pay for us'.

 

Unfortunately this Brexit government, rather than golden times ahead, will deliver nothing but misery to the British people. 

 

 

Claiming that the virus is not behind the record GBP falls is frankly ridiculous. 

 

The virus is causing a flight to 'safety', with investors wanting maximum liquidity.  That liquidity and safety lies in US Treasuries and the USD. Add to that the UK government being a relatively early mover on huge fiscal measures to safeguard the future economy, and the cost of these measures, it is clear why the GBP has also suffered versus the EUR.  

 

UBS strategist Thomas Flury put it well in a note to the bank's clients:

 

"The pound seems to be exposed for now, as many fundamental investors had built up long positions in the pound that are now being cleared. This position-clearing should, in our view, have no fundamental long-term impact given that the European economy is as much exposed to the global pandemic as the UK economy is.

"The UK reacted early, with monetary and fiscal stimulus, in a way that Europe has not yet been able to do. We think the initiative should eventually support the pound."

 

 

[bristolboy]

Actually, the UK has a big advantage over the Eurozone nations. The UK can create as much currency as necessary. It isn't bound by the restrictions of the Eurozone. A big reason Eurozone nations were so slow to recover from the Great Recession is that they were strictly limited as to the amount of debt they could incur. They're talking about loosening those restrictions. But if they don't, the Eurozone is headed for disaster.

[nauseus]

2 hours ago, bristolboy said:

Actually, the UK has a big advantage over the Eurozone nations. The UK can create as much currency as necessary. It isn't bound by the restrictions of the Eurozone. A big reason Eurozone nations were so slow to recover from the Great Recession is that they were strictly limited as to the amount of debt they could incur. They're talking about loosening those restrictions. But if they don't, the Eurozone is headed for disaster.

But, soft! what light through yonder window breaks?

It is the pound, and the BoE is the sun.

 

 

[nauseus]

On 3/20/2020 at 9:52 AM, Logosone said:

 

The fall of the pound is not due to the virus, the virus merely exacerbated the fall of the pound which began much earlier. However, Boris Johnson and his Brexit government are of course the only people who could have addressed the structural problems, such as excessive debt, which plague the UK economy and have led to a fall in the pound which is much worse and and much deeper than that of any other currency. 

 

Sadly for the Uk and its people, the only remedy the Brexit government could come up with is that of a 17 year old Liverpudlian, 'Let's increase the overdraft. Let the another generation pay for us'.

 

Unfortunately this Brexit government, rather than golden times ahead, will deliver nothing but misery to the British people. 

 

 

Well, if you'll believe that...you'll believe anything.

[mike787]

It's gonna drop much further, this Covid is only the beginning..sadly.

[Lissos]

22 hours ago, phetphet said:

I changed  GBP 100 yesterday here in Samui. Got 37.25.

Looked in one of those BP exchange booths that are everywhere here. They were offering under 35.6 !!

Lowest I have ever seen.

Nightmare. I changed a large amount of cash about ten days ago before going to Koh Samet, as I saw the threat initially of when Kasikorn closed its change booths, then the chance of an unannounced lock down and having to potentially pay big money to get back to Bangkok, or extend stay on Samet if inter-provincial lock down happened, and lastly the chance of the rate dropping further. Fingers crossed I only have a few more days in the country but anything could happen between now and Friday.

 

Having to get more money out at that low rate, knowing that my main reason for choosing not to return to Thailand in future (not related to this crisis) after doing so on and off over the span of 21 years, was due to how expensive being here is now, wouldn't be much fun.

I

Ifthis exit fails and I end up having to hunker down here for a long time, it really won't be a bargain if that rate slides further. Happy New 2020!

Edited March 24, 2020 by Lissos

[Logosone]

I'm shorting the pound as I think the sucker's rally is over.

 

The total lock down Boris has ordered should cause the economy to be less productive.

 

Like taking candy from a baby.

[Logosone]

And pound falling already, making money.

 

Be like this. Make money. 

 

Easy.

[soalbundy]

On 3/19/2020 at 9:46 AM, bristolboy said:

Do you understand that the UK is highly dependent on imports and those imports aren't priced in pounds? That if the pound sinks, the price of those imports goes up?

No, he'll just buy British and live off of baked beans and toast.

[Logosone]

15 hours ago, bristolboy said:

Actually, the UK has a big advantage over the Eurozone nations. The UK can create as much currency as necessary. It isn't bound by the restrictions of the Eurozone. A big reason Eurozone nations were so slow to recover from the Great Recession is that they were strictly limited as to the amount of debt they could incur. They're talking about loosening those restrictions. But if they don't, the Eurozone is headed for disaster.

Yes, you can create as much money as you want, you're all filthy rich, going into debt is no problem at all....see how well it worked for Greece....never mind Moody's is downgrading the UK more regularly than any other country and that you're now paying 48 billion pounds a year just to pay the interest on your national debt.

 

Thank God for the austerity rules of the EU, let's hope they don't go nuts spending the family silver like the Johnson government is doing.

 

Eurozone is headed for disaster? The only country in Europe that is headed for disaster is the UK.

[transam]

1 hour ago, Logosone said:

I'm shorting the pound as I think the sucker's rally is over.

 

The total lock down Boris has ordered should cause the economy to be less productive.

 

Like taking candy from a baby.

Are you posting from a "secure" establishment...? ????

[nauseus]

1 hour ago, Logosone said:

And pound falling already, making money.

 

Be like this. Make money. 

 

Easy.

Good call, Warren.

 

https://www.investing.com/news/forex-news/forexpound-rises-on-stricter-lockdown-measuresdollardrops-on-unlimited-qe-2119392

[nauseus]

1 hour ago, Logosone said:

Yes, you can create as much money as you want, you're all filthy rich, going into debt is no problem at all....see how well it worked for Greece....never mind Moody's is downgrading the UK more regularly than any other country and that you're now paying 48 billion pounds a year just to pay the interest on your national debt.

 

Thank God for the austerity rules of the EU, let's hope they don't go nuts spending the family silver like the Johnson government is doing.

 

Eurozone is headed for disaster? The only country in Europe that is headed for disaster is the UK.

Herrumph (masked).

 

..https://www.ft.com/content/711c5df2-695e-11ea-800d-da70cff6e4d3

Edited March 24, 2020 by nauseus

[Mus Sands]

On 3/19/2020 at 6:51 AM, saengd said:

In 1957 the Pound was worth $2.86, things change.

I was in Saudi in 1984 when pound to dollar was 1:1

[nauseus]

9 minutes ago, Mus Sands said:

I was in Saudi in 1984 when pound to dollar was 1:1

1985.. very briefly.

[metisdead]

Some inflammatory posts and replies have been removed. 

[Logosone]

"The British pound is the worst performing currency as they are somewhat late to the lockdown party and as the economy seems to be in a bad place with having to deal with a massive recession and little optimism Brexit uncertainty will remain in place for many years."

 

https://www.marketpulse.com/20200323/asia-open-tuesday-rebound-likely-faded-dollar-slowly-losing-momentum-oil-chop-drop-gold-shines/

[transam]

3 minutes ago, Logosone said:

"The British pound is the worst performing currency as they are somewhat late to the lockdown party and as the economy seems to be in a bad place with having to deal with a massive recession and little optimism Brexit uncertainty will remain in place for many years."

 

https://www.marketpulse.com/20200323/asia-open-tuesday-rebound-likely-faded-dollar-slowly-losing-momentum-oil-chop-drop-gold-shines/

Thought you had gone for a nap....????

[Logosone]

Nah, my animals needed some hay. After that successful short of the Pound I thought I'd buy some supplies for the animals.

[transam]

5 minutes ago, Logosone said:

Nah, my animals needed some hay. After that successful short of the Pound I thought I'd buy some supplies for the animals.

"After that successful short of the pound".....Yes, you take care.........