Baht falls to 7-month low as unease grows over chances of Pita Limjaroenrat being elected as PM

[SiSePuede419]

Cool! 

 

I've been waiting 5 months for a new car to be built for me and am paying cash because Farang no have job in Thailand or is rice farmer, so the price has dropped by a few hundred $USD because of the falling exchange rate.

 

Sometimes it literally pays to wait. ????

Edited June 29, 2023 by SiSePuede419

[Surasak]

If the Baht is plunging due to the political unrest, a few should start looking in the mirror. However, don't rush as the pound is buying more baht for which I am very grateful.

[mancub]

4 hours ago, Jonathan Swift said:

Favorable exchange for the dollar means more dollars will be spent in Thailand, so what's the problem? 

Or it just means that tourists etc will get more for their money and therefore even not spend so much of their own currency ! 

[jacko45k]

Just now, mancub said:

Or it just means that tourists etc will get more for their money and therefore even not spend so much of their own currency ! 

Just another excuse for a round of price increases in the tourism sectors. 

[Kwaibill]

No mention of the recent restructuring of exchange limits by the Central Bank. I think that may have a greater impact on long term rates, but I am no financial wiz!

[renaissanc]

I think that we will soon see mass demonstrations against the senators. These could go on for a LONG time. The longer the senators remain stubborn, the fiercer the demonstrations will become. The dinosaurs know that if Pita is PM he will get rid of the role of the senators, and then they'll lose all their secret incomes. A big battle may be ahead!

[wwest5829]

5 hours ago, Jonathan Swift said:

Why is this writer tying fluctuations in the exchange rate to the political squabbling? Nonsense. Rates rise and fall for many reasons, but petty local politics is not one of them. Not unless an all out revolution occurs. Does Joseph O'connor fancy himself an economist? What's his agenda? 

Agree that rates are influenced by many factors but a country's national politics is certainly one factor. The market does not favor instability.

[thailand49]

1 hour ago, Mr Dome said:

I exchanged € at 38.35 last week, now it's at 38.80, so a rather small difference only. 

 

Was able to exchange $ twice last year when it hit 38.05 - don't think we'll see that again for quite some time (I hope I'm wrong).

When it comes to Dollars don't think it ever got that high last year 38, highest I remember was 36+

[fulhamster]

14 minutes ago, thailand49 said:

When it comes to Dollars don't think it ever got that high last year 38, highest I remember was 36+

The dollar rose to 38 for a couple of days, then a certain deputy PM wanted it back down to 35.

[paul1804]

What a bunch of rubbish, there are lots of reasons why currencies fluctuate and sometimes a weak currency isn't a bad thing given Thailand tourism which just happens to be very much low season right now which is quite possibly one of the reasons the Baht is a little low. I would say when Pitas government takes power the Baht will strengthen given the positives of a non military government. 

[scorecard]

6 hours ago, Jonathan Swift said:

Why is this writer tying fluctuations in the exchange rate to the political squabbling? Nonsense. Rates rise and fall for many reasons, but petty local politics is not one of them. Not unless an all out revolution occurs. Does Joseph O'connor fancy himself an economist? What's his agenda? 

Agree, suggest the writer provide some evidence/rationale for the written comments.

 

Politics in Thailand is complex as in many countries, what's not helping is very misleading comment from pseudo econmists/commentators (and perhaps it's deliberately misleading comment?)

 

If allowed, I repeat an earlier comment in this thread:

 

"The political unrest is not Pita's fault.

It is the fault of the crooks that are frightened that he will be PM.

They will do anything to stop him."

Edited June 29, 2023 by scorecard

[mogandave]

The sky is falling!

 

[Ginner]

8 hours ago, flyingtlger said:

Hope it falls to 40BT to the dollar.......  

Its already 44 to the £. Yesterday.

[mogandave]

1 hour ago, scorecard said:

Agree, suggest the writer provide some evidence/rationale for the written comments.

They don’t have to. Most people do not read past the headline, and the writers never suffer the consequences of their own ideology.

[thailand49]

ever

2 hours ago, fulhamster said:

The dollar rose to 38 for a couple of days, then a certain deputy PM wanted it back down to 35.

Curious I ran through my Wise account for the year 2022,  I would take your word for it my records shows as you noted in between it might have hit 38 but I wasn't lucky enough to make transfers when it happened.

June 29 it was 36, In August of last year 17-31 it sat in the 36-1 range, Sept 11, it went to 37, on Oct 19, my record show it was pretty close to 38,  so thanks,  will we get that lucky before someone with the power to make it come down again.   I like it to hit 40 just for old time sake!

[Enzian]

Yeah, I moved $5K at 34 last month, repeating to my contact sender "We can't time the market, all we can do is guess." Truer words never spoken...

[BenStark]

4 hours ago, Mr Dome said:

 

 

Was able to exchange $ twice last year when it hit 38.05 - don't think we'll see that again for quite some time (I hope I'm wrong).

Yes you are because it is over 39 today already

[jacko45k]

1 minute ago, BenStark said:

Yes you are because it is over 39 today already

No it isn't,,,,

[BenStark]

3 minutes ago, jacko45k said:

No it isn't,,,,

Yes it was

 

[sirineou]

8 hours ago, Jonathan Swift said:

Why is this writer tying fluctuations in the exchange rate to the political squabbling?

" Baht Gains as Move Forward Leads Vote"

 

Bloomberg Financial News

https://www.bloomberg.com/news/articles/2023-05-15/thailand-assets-to-get-initial-boost-from-election-analysts-say#xj4y7vzkg

[Seppius]

Just got 45.04 to the £ on Wise

[jacko45k]

5 minutes ago, BenStark said:

Yes it was

That is Euro(€), we were talking USD ($)

Edited June 29, 2023 by jacko45k

[Keep Right]

I think the Baht is falling because the world is worried that a far left socialist has been elected.

[Bangkok Barry]

2 hours ago, fulhamster said:

It didn't stop them announcing the new PM in the UK within a day or two.

Now it;s been 6 weeks in Thailand and the old guard are still squabbling

The delay is because the Election Commission has to check each and every result for cheating. Many dozens are still on the waiting list to be approved. Just shows what a banana republic Thailand is, despite having a few tall shiny buildings.

Edited June 29, 2023 by Bangkok Barry

[TallGuyJohninBKK]

8 minutes ago, jacko45k said:

That is Euro(€), we were talking USD ($)

BBK Bank has its USD exchange rate today at 35.52.

 

 

https://www.bangkokbank.com/en/Personal/Other-Services/View-Rates/Foreign-Exchange-Rates

 

 

[Thingamabob]

I hope I'm wrong but it seems likely that 14 million Thais will be ignored and, effectively, cancelled by 250 non-elected senators appointed by those who brought about the latest coup. Shameful, but entirely predictable sad to say.

[scorecard]

31 minutes ago, Keep Right said:

I think the Baht is falling because the world is worried that a far left socialist has been elected.

Total rubbish. If you took a pole across the whole world I have no doubt you would find strong support for socialism (share the wealth / support and care for each other), plenty of examples each to see. 

 

US Americans indicate they beieve socialism is evil. The evil is that they are so ignorant and don't even understand, in modern terms, what the word socialism means today. 

[digger70]

What a load off whatever you like,

I just looked and 12 months ago it was 25.63 tot he AUS $

Today it is 23.58 to the AUS $  So 12 months ago it was Lower than then what it is for me Now 

I get paid with AU $ so that's what I look at . the USA $ doesn't mean Anything .

[Stevemercer]

Yes, the Australian dollar contiues to fall along with the Baht.

[sandyf]

1 hour ago, Seppius said:

Just got 45.04 to the £ on Wise

Luck of the draw, twice yesterday it hit 45.25 before dropping back a bit.

All that can be said is we are nearly back to where we were about 2 years ago which can't be bad if we get the same sort of duration.