Expat hopes dashed - Brit retirees have to tighten purse strings again after baht strengthens

[webfact]

file photo

 

A month ago it looked as the only way was up for many pensioners in Thailand reliant on the weakening baht.

 

Particularly for British retirees.

 

In just a few short months the rate against the baht to the UK pound had risen from below 40 to 46.5.

 

Now in the last month the baht has strengthened again about two baht against sterling in less than four weeks.

 

Latest rates from SuperRich today:

 

USD 32.42

EUR 38.30

GBP 44.60

AUD 23.75

 

 

ASEAN NOW notes that the latest rates did, however, show a small rise on yesterday for the pound.  

 

-- © Copyright  ASEAN NOW 2021-09-02

 

- Whatever you're going through, the Samaritans are here for you

- Follow ASEAN NOW on LINE for breaking COVID-19 updates

[ourmanflint]

All makes sense. Thailand is obviously doing much better than the UK financially even in the midst of a pandemic which has dropped revenues 80-90%

[worgeordie]

44.70 for sterling just now , slowly creeping back up......to fall again,

regards worgeordie

[Scrotobike]

10 minutes ago, ourmanflint said:

All makes sense. Thailand is obviously doing much better than the UK financially even in the midst of a pandemic which has dropped revenues 80-90%

The HiSos control the Bhat as they will exchange their US$ created by exports at a strategic time for them. Because the Bhat is not really a speculation currency, it is driven by these export US$ and also the movements of investment in Bhat securities.

 

Bhat securities are showing an out flow of Bhat, which is being mopped up by the HiSo lot. 

 

Currency economics - a black art.

[scubascuba3]

No mention of why it's happening and it's other currencies too.

 

I think it's govt intervention which will reverse soon

[jonclark]

Now who would have thought that - The Thai baht drops in value against all major currencies as Thailand starts a major 'wooing' campaign to get foreign tourist back.....and there was me thinking Thailand being on the US watchlist of currency manipulators was just the US Thai bashing again? 

 

 

[ThailandRyan]

To be honest, it is due to a rise in speculators thinking the economy will soon turn and tourism will be booming by the end of the year.  I think they have shorted each of the currencies and then the powers to be are also manipulating the markets, possibly a very rich hi-so.

[Scrotobike]

2 minutes ago, ThailandRyan said:

To be honest, it is due to a rise in speculators thinking the economy will soon turn and tourism will be booming by the end of the year.  I think they have shorted each of the currencies and then the powers to be are also manipulating the markets, possibly a very rich hi-so.

Agreed

Most major exporters keep USD from their sales in USD deposits and they will exchange these as and when it suits them

Currency manipulation by the HiSo cartel

[Mr Meeseeks]

1 hour ago, ourmanflint said:

All makes sense. Thailand is obviously doing much better than the UK financially even in the midst of a pandemic which has dropped revenues 80-90%

There's only so much the UK economy can grow with influxes of foreign refugees that get clothed, fed and housed at the taxpayers' expense. Thousands more rocking up in dinghies daily and more to come from Afghanistan. 

 

All fine and well being philanthropic but simply not sustainable. 

Edited September 2, 2021 by Mr Meeseeks

[Gottfrid]

How sad! ????????

 

Now we must all scream and cry!

Pure BS! Everyone that lives in another country on bare minimum just have themselves to blame. We all know that exchange rates goes up and down.

 

[overherebc]

52 minutes ago, Mr Meeseeks said:

There's only so much the UK economy can grow with influxes of foreign refugees that get clothed, fed and housed at the taxpayers' expense. Thousands more rocking up in dinghies daily and more to come from Afghanistan. 

 

All fine and well being philanthropic but simply not sustainable. 

No need to worry, the gov' will just tell the disabled ex squaddies, the pensioners and all the NH staff they will have to wait for any increases.

[Jingthing]

If you're living that close to the bone, time for deeper reflection. 

[2umich]

Thailand CB is a biggest gold buyer this year. I believe they use it to keep THB in certain range.

Edited September 2, 2021 by 2umich

[smedly]

sterling is actually one of the better performers recently, the baht strength in the last few weeks has impacted USD and the EURO ( and others) 

 

and of course the OP posted on a day when the baht has drpped almost 0.80% against most major currencies with sterling doing slightly better

[Albert Zweistein]

10 hours ago, Scrotobike said:

The HiSos control the Bhat as they will exchange their US$ created by exports at a strategic time for them. Because the Bhat is not really a speculation currency, it is driven by these export US$ and also the movements of investment in Bhat securities.

 

Bhat securities are showing an out flow of Bhat, which is being mopped up by the HiSo lot. 

 

Currency economics - a black art.

Nice story but this article is about BAHT.

[placeholder]

10 hours ago, Mr Meeseeks said:

There's only so much the UK economy can grow with influxes of foreign refugees that get clothed, fed and housed at the taxpayers' expense. Thousands more rocking up in dinghies daily and more to come from Afghanistan. 

 

All fine and well being philanthropic but simply not sustainable. 

Really?

The pound is higher against the Dollar than it was a year ago

It's higher against the Euro than it was a year ago

It's higher against the Yen than it was a year ago.

It's higher against the Baht than it was a year ago.

It's lower against the Renminbi than it was a year ago. But so are the dollar, the Euro, Yen and Baht.

 

So, how exactly is immigration into the UK responsible for the Pound's decline?

 

 

[tingtong]

Stated it was bellow 40...

Now still well above 40...

 

Fail to see a supposed bad news.

[nausea]

If it stays above 40 I'm happy, the rest is a bonus, but I can see how this might be bad news for some. I'm sure there's quite a few guys on the breadline, for whom the prospect of a declining baht was a morale boost.

[The Cipher]

Quote

The HiSos control the Bhat as they will exchange their US$ created by exports at a strategic time for them. Bhat securities are showing an out flow of Bhat, which is being mopped up by the HiSo lot. 

Quote

Most major exporters keep USD from their sales in USD deposits and they will exchange these as and when it suits them

Currency manipulation by the HiSo cartel

One of the key things I have learned about Thailand from spending time on this forum, is that:
(i) the nebulous and sinister Hi-So have absolute control over anything that involves Thailand in any way at all; and
(ii) unlike the elites of every other country, the Hi-So always act with completely unified intent to advance their nefarious goals.

 

Fascinating.

[Dene16]

16 hours ago, scubascuba3 said:

No mention of why it's happening and it's other currencies too.

 

I think it's govt intervention which will reverse soon

Apparently the pound has weakened against all currencies due to the increase/high number of covid cases over the last month.

This is despite the vast majority of our adult population being vaccinated. 

Difficulties in vaccinating the 16-24 year olds who have been blamed for the majority of the problem. Nearly 5000 cases being reported after a concert in Newquay as an example

[djayz]

16 hours ago, Mr Meeseeks said:

There's only so much the UK economy can grow with influxes of foreign refugees that get clothed, fed and housed at the taxpayers' expense. Thousands more rocking up in dinghies daily and more to come from Afghanistan. 

 

All fine and well being philanthropic but simply not sustainable. 

While an issue, yes, I doubt very much if that is the underlying problem. 

[Scrotobike]

7 hours ago, Albert Zweistein said:

Nice story but this article is about BAHT.

My reply was about Bhat sorry. Not sure what a BAHT is - for cricket?

[jacko45k]

14 hours ago, Greenwich Boy said:

I was a FX dealer in the City for 15 years or so. Have been transferring money to Thailand from the UK for about 10 years. Proud to say that I have virtually 100% track record of forecasting the rate wrongly. I don't look anymore ☹

I am surprised..... I can predict that Sterling is extremely likely to strengthen after I buy my baht.....

[hotchilli]

19 hours ago, webfact said:

Now in the last month the baht has strengthened again about two baht against sterling in less than four weeks.

Didn't last long, teflon baht again.

[Darksidedude]

I have no idea why the baht is strong, even way before the pandemic.

 

First trip to Thailand 1990 AUD was around 17 to the USD, nearly hit that before the pandemic,

 

Thailand is very expensive to live and to travel to because of this reason, something is not right with this currency manipulation it must be.

 

Anyway only a matter of time before it goes to late 90s exchange rates again, well i hope ha ha

Edited September 3, 2021 by Darksidedude
spell

[Mr Meeseeks]

1 hour ago, djayz said:

While an issue, yes, I doubt very much if that is the underlying problem. 

It's symptomatic of a much wider problem. 

[smutcakes]

Goes up they complain, goes down they complain do they ever not complain....

[JRG23]

17 hours ago, Gottfrid said:

How sad! ????????

 

Now we must all scream and cry!

Pure BS! Everyone that lives in another country on bare minimum just have themselves to blame. We all know that exchange rates goes up and down.

 

Not been much at all in the way of 'up' in the past decade.

[Gottfrid]

51 minutes ago, JRG23 said:

Not been much at all in the way of 'up' in the past decade.

Oh yes, it has! It´s just the the downfall has been 5 units, while the up-trend has been only 1 unit.

[shackleton]

If retirees I am talking the UK only depend on the Government Pension then yes could cause problems on their exchange rate 

Anything over 40 would be acceptable