tijnebijn Posted October 24, 2008 Share Posted October 24, 2008 Its getting beyond abnormal really , I'm astonished at the speed things are rapidly changing now . I'm in Euros , and its getting harder if its getting lower then 40 to the thb personally , and desperate difficult if its getting even with the dollar , and the speed things are going and me calculating there will be many more rate cuts for European and English pound as well , things look very gloom . Don't know when the points come when the central banks have to consider a intervening in the currency market , think if it breaks even with the dollar and beyond things start to look like the last time the G7 intervened , perhaps its all different now , I got no clue . Anyway to start panicking and gloom and doom doesn't make my day , so I will not , so long we can eat and have a roof over our head we should still smile , not ? Or perhaps when those damned BOT officials decide to let the Baht not float with the dollar anymore and give everybody a break , I mean if dollar = 42 and dollar Euro is even , well fair enough aint ? Link to comment Share on other sites More sharing options...
Maverell Posted October 24, 2008 Share Posted October 24, 2008 (edited) Answer to the question posed by the starter of this thread - YES. Ok it could rebound and probably will ( wishful thinking ?? ). If it doesn't rebound in the next 3 weeks I am out of LOS after a pleasant 7 years here. I feel sorry for Thai industry exporting to Europe and the tourism industry here. My friend ( bar owner ) has reduced the number of girls working for him from 15 to 5 only yesterday. I think he will close soon. Sad times caused by.......... Edited October 24, 2008 by Maverell Link to comment Share on other sites More sharing options...
Soutpeel Posted October 24, 2008 Share Posted October 24, 2008 In the mean time I would roll over some baht into cheap pounds and have a vacation, I will.... never been cheaper for some time to go continental! There we go..always a silver lining in every cloud....cheap European holidays, think I will take the Mrs skiing... Link to comment Share on other sites More sharing options...
philstone Posted October 24, 2008 Share Posted October 24, 2008 Just checked the BBC rates for the £ to ฿ just now 53.69500, where is the floor on this? I am just happy we make cash in ฿ as well. If we did not I would be packing my bags about 2฿ ago. I was offered 2 permanent jobs within the last few months paid in $, one a very very nice package, if I thought about it. As of today I am re-thinking. When the nice job was was offered to me I blew them out in seconds, looks like some humble pie might be moving in here. My consultancy work in LOS has disappeared, I have one contract to finish for a company based in Singapore then, nothing, 0, no go. The money we make is split by the future wife's businesses and the money I make in the UK plus the icing on the cake my consultancy work. We support each other and our money is put into a central fund for expansion both sides. If the £ makes any more moves lower then I will make some calls, pay staff to run my 2 businesess UK side (not big, small entities that make some) and take one of the job offer's in s as the £'s I am making do not go that far anymore as the consultancy work has gone (for the mean time). I remember the days of ฿75 to the £. I intended never to go back to corporate style employment again (thought I was doing well at 35) well times have changed too much and I need to get my head down and back into a big companies office I think. See you at the bottom. Maybe I hire you to teacher me how to write English. If I feel there is need to Link to comment Share on other sites More sharing options...
VegasVic Posted October 24, 2008 Share Posted October 24, 2008 It looks like the pound is about to breech the $1.53 level and the euro is trading in the $1.24's currently. Oil is getting hammered as well and gold is in the $680's. Most members of Thai Visa nothing to worry about they can become English teachers. However the Dollar and the Pounds shall be equals in about 3 months. Please Remember what I wrote when the Pound was 2.10 to 2.15 Dollars you did not listen thought I was crazy 30 per cent in 6 months better than losing 30 per cent. Sorry you didd not listen me. I'm not quite sure what you are talking about there Phil, I have been short Oil since $136/bbl, short Gold since $978 and was telling everyone who would listen back in May and June to go long the Dollar. Perhaps you have me mixed up with someone else. Link to comment Share on other sites More sharing options...
VegasVic Posted October 24, 2008 Share Posted October 24, 2008 It looks like the pound is about to breech the $1.53 level and the euro is trading in the $1.24's currently. Oil is getting hammered as well and gold is in the $680's. Most members of Thai Visa nothing to worry about they can become English teachers. However the Dollar and the Pounds shall be equals in about 3 months. Please Remember what I wrote when the Pound was 2.10 to 2.15 Dollars you did not listen thought I was crazy 30 per cent in 6 months better than losing 30 per cent. Sorry you didd not listen me. I'm not quite sure what you are talking about there Phil, I have been short Oil since $136/bbl, short Gold since $978 and was telling everyone who would listen back in May and June to go long the Dollar. Perhaps you have me mixed up with someone else. That post got mesed up! Anyway the last two lines are mine Link to comment Share on other sites More sharing options...
lannarebirth Posted October 24, 2008 Share Posted October 24, 2008 (edited) Parity my arse.Ignore the papers - they get rent-a-comments from supposed experts from banks etc who have no idea what is happening. They all jump on bandwagons and spout forth forecasts (at the promptings of their PR departments) which have no basis in fact. Noone ever holds them accountable. Case in point. In June a Goldman Sachs report suggested oil would hit $200-$220 a gallon by the end of this year. Rather mysteriously, that forecast has been lost. Last week they issued a new forecast that oil would fall to $50 by the end of this year. A forecast is just that, an estimate of what might happen in the future based on today's knowledge and trends, thus a forecast of oil at $200 was probably appropriate and accurate at the time. Using that definition as a guide I would suggest that the idea of GBP/USD parity is not entirely a wet dream, after all, we have seen parity before in not too distant times! It's none of those things. It's a market talking point they can sell their long positions into on the pop up as they change to short positions. Never forget, unless you're a high net worth individual who is trading with these specific Investment Banks, these people are almost always on the other side of your position or are frontrunnibg their "reports".. Edited October 24, 2008 by lannarebirth Link to comment Share on other sites More sharing options...
VegasVic Posted October 24, 2008 Share Posted October 24, 2008 .....the BOT saw a replay of 1997 and so they drew a line in the sand at 35baht/Dollar and the Dollar and the baht have been in lock step ever since. The BOT is spending its Dollar reserves in order to prop up the currecncy! I wonder just how much longer this can go on as there are already calls from some of the other governors at the BOT to devalue the baht. Ms. Tarissa is either one very smart lady or she will be out of a job very soon, and quite frankly I really don't know which it is? well they insist it is floating NOT Tied to ANY currency... Replay! Prep it up... prep it up... as they are all tied to one interest group or they other... Krugmann warned of a really bad replay if... and here we go... anyone remembering how t all started in 1997? Same, same, but different goes a much used phrase around here, doesn't it? In the mean time I would roll over some baht into cheap pounds and have a vacation, I will.... never been cheaper for some time to go continental! Are you drunk or on crack? The BOT has been buring through their Dollar reserves in order to keep the baht from having a replay of 1997, but within the next couple of weeks I think that there will be a devaluation of the baht Now I will let you get back to the drug of your choice! Link to comment Share on other sites More sharing options...
stickman Posted October 24, 2008 Share Posted October 24, 2008 why the pound is sinking against a micky mouse currency !? Is there any hope the Thai Baht will fall. This is gonna hurt many Brits either planning to come here or living on UK pensions over here.Finance Guys please tell us how it really is! 53.8? That is a little optimistic.... For pounds Sterling cash in Bangkok you will get 51.86 baht for every pound you change, according to the Bangkok Bank website! Link to comment Share on other sites More sharing options...
VegasVic Posted October 24, 2008 Share Posted October 24, 2008 .....the BOT saw a replay of 1997 and so they drew a line in the sand at 35baht/Dollar and the Dollar and the baht have been in lock step ever since. The BOT is spending its Dollar reserves in order to prop up the currecncy! I wonder just how much longer this can go on as there are already calls from some of the other governors at the BOT to devalue the baht. Ms. Tarissa is either one very smart lady or she will be out of a job very soon, and quite frankly I really don't know which it is? well they insist it is floating NOT Tied to ANY currency... Replay! Prep it up... prep it up... as they are all tied to one interest group or they other... Krugmann warned of a really bad replay if... and here we go... anyone remembering how t all started in 1997? Same, same, but different goes a much used phrase around here, doesn't it? In the mean time I would roll over some baht into cheap pounds and have a vacation, I will.... never been cheaper for some time to go continental! BTW if you wait another month that trip back to the U.K. will be considerably cheaper Link to comment Share on other sites More sharing options...
Maverell Posted October 24, 2008 Share Posted October 24, 2008 Parity my arse.Ignore the papers - they get rent-a-comments from supposed experts from banks etc who have no idea what is happening. They all jump on bandwagons and spout forth forecasts (at the promptings of their PR departments) which have no basis in fact. Noone ever holds them accountable. Case in point. In June a Goldman Sachs report suggested oil would hit $200-$220 a gallon by the end of this year. Rather mysteriously, that forecast has been lost. Last week they issued a new forecast that oil would fall to $50 by the end of this year. A forecast is just that, an estimate of what might happen in the future based on today's knowledge and trends, thus a forecast of oil at $200 was probably appropriate and accurate at the time. Using that definition as a guide I would suggest that the idea of GBP/USD parity is not entirely a wet dream, after all, we have seen parity before in not too distant times! It's none of those things. It's a market talking point they can sell there long positions into on the pop up as they change to short positions. Don't forget the great Gordon Brown stated that the UK 'was well placed to weather the storm' and that there will be ' no more boom and bust '. How anyone believes anything he says I don't know. Spin and waffle same as from the people mentioned above. They say anything to achieve their aims. Yes I am angry !!! Link to comment Share on other sites More sharing options...
lannarebirth Posted October 24, 2008 Share Posted October 24, 2008 Parity my arse.Ignore the papers - they get rent-a-comments from supposed experts from banks etc who have no idea what is happening. They all jump on bandwagons and spout forth forecasts (at the promptings of their PR departments) which have no basis in fact. Noone ever holds them accountable. Case in point. In June a Goldman Sachs report suggested oil would hit $200-$220 a gallon by the end of this year. Rather mysteriously, that forecast has been lost. Last week they issued a new forecast that oil would fall to $50 by the end of this year. A forecast is just that, an estimate of what might happen in the future based on today's knowledge and trends, thus a forecast of oil at $200 was probably appropriate and accurate at the time. Using that definition as a guide I would suggest that the idea of GBP/USD parity is not entirely a wet dream, after all, we have seen parity before in not too distant times! It's none of those things. It's a market talking point they can sell there long positions into on the pop up as they change to short positions. Don't forget the great Gordon Brown stated that the UK 'was well placed to weather the storm' and that there will be ' no more boom and bust '. How anyone believes anything he says I don't know. Spin and waffle same as from the people mentioned above. They say anything to achieve their aims. Yes I am angry !!! Maybe you can take solace from the fact your country and mine and many others are now daytrading the national treasury. Inspires confidence doesn't it? Link to comment Share on other sites More sharing options...
DavidOxon Posted October 24, 2008 Author Share Posted October 24, 2008 Strange, I got 55.3 when taking money out of Nationwide via ATM this afternoon. Link to comment Share on other sites More sharing options...
VegasVic Posted October 24, 2008 Share Posted October 24, 2008 Strange, I got 55.3 when taking money out of Nationwide via ATMthis afternoon. If I were you I would go back to that ATM and max out your account, its like getting free money Link to comment Share on other sites More sharing options...
steverino Posted October 24, 2008 Share Posted October 24, 2008 why the pound is sinking against a micky mouse currency !? Is there any hope the Thai Baht will fall. This is gonna hurt many Brits either planning to come here or living on UK pensions over here.Finance Guys please tell us how it really is! 53.8? That is a little optimistic.... For pounds Sterling cash in Bangkok you will get 51.86 baht for every pound you change, according to the Bangkok Bank website! Yes to the above poster, I am in Bonnie Scotland. re. the above quote, can I suggest to everyone to use Nationwide debit card and transfer your money free by withdrawing from an ATM in LOS for a rate HIGHER than Bkk Bank is offering. Any one who hasn't figured this out yet is a bit of a Numpty. A good benchmark aprt from Nationwides site which is busy and time consuming, www.XE.com is the place to check your rates, and is a good benchmark for fluctuating currency prices used by various Banks in the West. The posters above mentioning BOT propping up the Baht by selling their dollars.....I hope you're right. It does seem feasable and I hope they won't prop the B*****D up for too much longer. Come on you Pounds !!! Link to comment Share on other sites More sharing options...
lannarebirth Posted October 24, 2008 Share Posted October 24, 2008 why the pound is sinking against a micky mouse currency !? Is there any hope the Thai Baht will fall. This is gonna hurt many Brits either planning to come here or living on UK pensions over here.Finance Guys please tell us how it really is! Actually, the THB IS falling. it's just that the GBP is falling faster and further. You wouldn't want to see it actually strengthen as your OP suggests it is. Link to comment Share on other sites More sharing options...
Samuian Posted October 24, 2008 Share Posted October 24, 2008 (edited) Are you drunk or on crack? The BOT has been buring through their Dollar reserves in order to keep the baht from having a replay of 1997, but within the next couple of weeks I think that there will be a devaluation of the baht Now I will let you get back to the drug of your choice! NO neither Sir, but living out here for a long time I am well aware that nobody here needs any of the stuff you think I am hooked to... they all naturally high up their necks... relax, wait and see... the Nikkei tumbled 10% in a single day, do you think the BoT can sit this out? You think it's all paid for? All the latest brands of cars, mobile phones, condos, 2nd condo, 3rd house, 2nd wife.... aeeee.. car, designer this, designer that, latest trip to St.Moritz... ? Edited October 24, 2008 by Samuian Link to comment Share on other sites More sharing options...
fft100 Posted October 24, 2008 Share Posted October 24, 2008 Vegasvic, do you have any evidence / links to show that the BoT are propping the baht up like that ? If they are doing it, it would be interesting to know how much they are spending. .....the BOT saw a replay of 1997 and so they drew a line in the sand at 35baht/Dollar and the Dollar and the baht have been in lock step ever since. The BOT is spending its Dollar reserves in order to prop up the currecncy! I wonder just how much longer this can go on as there are already calls from some of the other governors at the BOT to devalue the baht. Ms. Tarissa is either one very smart lady or she will be out of a job very soon, and quite frankly I really don't know which it is? well they insist it is floating NOT Tied to ANY currency... Replay! Prep it up... prep it up... as they are all tied to one interest group or they other... Krugmann warned of a really bad replay if... and here we go... anyone remembering how t all started in 1997? Same, same, but different goes a much used phrase around here, doesn't it? In the mean time I would roll over some baht into cheap pounds and have a vacation, I will.... never been cheaper for some time to go continental! Are you drunk or on crack? The BOT has been buring through their Dollar reserves in order to keep the baht from having a replay of 1997, but within the next couple of weeks I think that there will be a devaluation of the baht Now I will let you get back to the drug of your choice! Link to comment Share on other sites More sharing options...
VegasVic Posted October 24, 2008 Share Posted October 24, 2008 why the pound is sinking against a micky mouse currency !? Is there any hope the Thai Baht will fall. This is gonna hurt many Brits either planning to come here or living on UK pensions over here.Finance Guys please tell us how it really is! 53.8? That is a little optimistic.... For pounds Sterling cash in Bangkok you will get 51.86 baht for every pound you change, according to the Bangkok Bank website! Yes to the above poster, I am in Bonnie Scotland. re. the above quote, can I suggest to everyone to use Nationwide debit card and transfer your money free by withdrawing from an ATM in LOS for a rate HIGHER than Bkk Bank is offering. Any one who hasn't figured this out yet is a bit of a Numpty. A good benchmark aprt from Nationwides site which is busy and time consuming, www.XE.com is the place to check your rates, and is a good benchmark for fluctuating currency prices used by various Banks in the West. The posters above mentioning BOT propping up the Baht by selling their dollars.....I hope you're right. It does seem feasable and I hope they won't prop the B*****D up for too much longer. Come on you Pounds !!! Keep on rooting there steverino it must be helping, the pound is bouncing back off of the $1.52's and it is currently at $1.556! The Dollar is taking a hit against the Yen, so the Euro and the Pound must really be taking a hit against the Yen. Link to comment Share on other sites More sharing options...
GayGordon Posted October 24, 2008 Share Posted October 24, 2008 why the pound is sinking against a micky mouse currency !? Is there any hope the Thai Baht will fall. This is gonna hurt many Brits either planning to come here or living on UK pensions over here.Finance Guys please tell us how it really is! Actually I am surprised that you are getting 53.8! The pound closed at $1.61 and change in the U.S. and currently it is under $1.55. The BOT is propping the baht up against the dollar by selling their dollar reserves and buying baht, so as the other world currencies fall against the Dollar and the baht stays in lock step with the Dollar, those trying to exchange pounds, euros, aussie dollars ect. for baht are getting a raw deal! Considering that the pound is falling like a rock presently I would jump all over that 53.8 exchange rate as it may be 51 before the end of the day over there. Yes its true, Peter got 52 this afternoon, how awful Link to comment Share on other sites More sharing options...
GayGordon Posted October 24, 2008 Share Posted October 24, 2008 why the pound is sinking against a micky mouse currency !? Is there any hope the Thai Baht will fall. This is gonna hurt many Brits either planning to come here or living on UK pensions over here.Finance Guys please tell us how it really is! 53.8? That is a little optimistic.... For pounds Sterling cash in Bangkok you will get 51.86 baht for every pound you change, according to the Bangkok Bank website! Yes to the above poster, I am in Bonnie Scotland. re. the above quote, can I suggest to everyone to use Nationwide debit card and transfer your money free by withdrawing from an ATM in LOS for a rate HIGHER than Bkk Bank is offering. Any one who hasn't figured this out yet is a bit of a Numpty. A good benchmark aprt from Nationwides site which is busy and time consuming, www.XE.com is the place to check your rates, and is a good benchmark for fluctuating currency prices used by various Banks in the West. The posters above mentioning BOT propping up the Baht by selling their dollars.....I hope you're right. It does seem feasable and I hope they won't prop the B*****D up for too much longer. Come on you Pounds !!! What a naughty avatar Link to comment Share on other sites More sharing options...
VegasVic Posted October 24, 2008 Share Posted October 24, 2008 Vegasvic,do you have any evidence / links to show that the BoT are propping the baht up like that ? If they are doing it, it would be interesting to know how much they are spending. .....the BOT saw a replay of 1997 and so they drew a line in the sand at 35baht/Dollar and the Dollar and the baht have been in lock step ever since. The BOT is spending its Dollar reserves in order to prop up the currecncy! I wonder just how much longer this can go on as there are already calls from some of the other governors at the BOT to devalue the baht. Ms. Tarissa is either one very smart lady or she will be out of a job very soon, and quite frankly I really don't know which it is? well they insist it is floating NOT Tied to ANY currency... Replay! Prep it up... prep it up... as they are all tied to one interest group or they other... Krugmann warned of a really bad replay if... and here we go... anyone remembering how t all started in 1997? Same, same, but different goes a much used phrase around here, doesn't it? In the mean time I would roll over some baht into cheap pounds and have a vacation, I will.... never been cheaper for some time to go continental! Are you drunk or on crack? The BOT has been buring through their Dollar reserves in order to keep the baht from having a replay of 1997, but within the next couple of weeks I think that there will be a devaluation of the baht Now I will let you get back to the drug of your choice! The BOT stated some time ago that they were targeting the Dollar and that they would be selling their Dollar reserves in order to keep the Dollar in a range. One of the BOT governors was very vocal this past week about devaluing the baht by 5% and Ms. Tarissa basically shelved the idea. Link to comment Share on other sites More sharing options...
philstone Posted October 24, 2008 Share Posted October 24, 2008 It looks like the pound is about to breech the $1.53 level and the euro is trading in the $1.24's currently. Oil is getting hammered as well and gold is in the $680's. Most members of Thai Visa nothing to worry about they can become English teachers. However the Dollar and the Pounds shall be equals in about 3 months. Please Remember what I wrote when the Pound was 2.10 to 2.15 Dollars you did not listen thought I was crazy 30 per cent in 6 months better than losing 30 per cent. Sorry you didd not listen me. I'm not quite sure what you are talking about there Phil, I have been short Oil since $136/bbl, short Gold since $978 and was telling everyone who would listen back in May and June to go long the Dollar. Perhaps you have me mixed up with someone else. You was also right I enjoy reading what you say. You gave great advice Link to comment Share on other sites More sharing options...
Slip Posted October 24, 2008 Share Posted October 24, 2008 So does that mean that those of us who get paid in baht should buy pounds and hide them under the bed? Link to comment Share on other sites More sharing options...
philstone Posted October 24, 2008 Share Posted October 24, 2008 It's none of those things. It's a market talking point they can sell their long positions into on the pop up as they change to short positions. Never forget, unless you're a high net worth individual who is trading with these specific Investment Banks, these people are almost always on the other side of your position or are frontrunnibg their "reports".. I am sorry to hear you are not a high net worth individual. I am known in the Market when ever I go to buy pork, chicken, rice bananas etc. they all say "Hi Phil" Link to comment Share on other sites More sharing options...
Naam Posted October 24, 2008 Share Posted October 24, 2008 I am sorry to hear you are not a high net worth individual. I am known in the Market when ever I go to buy pork, chicken, rice bananas etc. they all say "Hi Phil" good one! Link to comment Share on other sites More sharing options...
GuestHouse Posted October 24, 2008 Share Posted October 24, 2008 The BOT is spending its Dollar reserves in order to prop up the currecncy! I wonder just how much longer this can go on as there are already calls from some of the other governors at the BOT to devalue the baht. Ms. Tarissa is either one very smart lady or she will be out of a job very soon, and quite frankly I really don't know which it is? Never mind the calls for the Baht to be devalued - at some time down the line the Thai Dollar reserves are going to run out. We should not forget that it is not so many months back that the discussion here on TV (and in the Thai press) was of Thai Banks that are in financial difficulty - from memory the Thai Military Bank was one such candidate for financial problems. And remember these where internal Thai problems not relating to the global liquidity that is hitting the banks in the US and UK. What do we know? We know that the Thai economy is dependent upon goods and food exports, that orders for goods are down, and that the price of rice (the backbone of last year's budget surplus) have dropped dramatically. Thailand's receipts are heading south and they are spending money propping up the Baht - This is not a new tactic - Business is down, put up the prices. We also know the rest of the world is heading into recession - Talk to people in the UK/US/OZ/Europe and they are all saying the same thing - They are cutting back spending - consolidating what they have ready for the hard times to come. What are the Thais doing - The Baht is up, imports are cheap - Spend today and S0d tomorrow. Keep an eye out for the "Select Few" in the Thai government (and their connections) buying Dollars - Do not go kidding yourself that the shed load of 'Free Money' to had by a swift transaction followed by a devaluation is not too tempting for those who make the decisions around Thailand. Link to comment Share on other sites More sharing options...
barrella Posted October 24, 2008 Share Posted October 24, 2008 Maybe I hire you to teacher me how to write English. If I feel there is need to OK, I can start now if you so desire The correct english would be Maybe I "should or could"hire you to teacher me how to write English. If I feel there is need to Hope this helps and I have invoiced you already for my time and efforts. Link to comment Share on other sites More sharing options...
steverino Posted October 24, 2008 Share Posted October 24, 2008 why the pound is sinking against a micky mouse currency !? Is there any hope the Thai Baht will fall. This is gonna hurt many Brits either planning to come here or living on UK pensions over here.Finance Guys please tell us how it really is! 53.8? That is a little optimistic.... For pounds Sterling cash in Bangkok you will get 51.86 baht for every pound you change, according to the Bangkok Bank website! Yes to the above poster, I am in Bonnie Scotland. re. the above quote, can I suggest to everyone to use Nationwide debit card and transfer your money free by withdrawing from an ATM in LOS for a rate HIGHER than Bkk Bank is offering. Any one who hasn't figured this out yet is a bit of a Numpty. A good benchmark aprt from Nationwides site which is busy and time consuming, www.XE.com is the place to check your rates, and is a good benchmark for fluctuating currency prices used by various Banks in the West. The posters above mentioning BOT propping up the Baht by selling their dollars.....I hope you're right. It does seem feasable and I hope they won't prop the B*****D up for too much longer. Come on you Pounds !!! What a naughty avatar Glad you like it ! Link to comment Share on other sites More sharing options...
steverino Posted October 24, 2008 Share Posted October 24, 2008 http://www.xe.com/ucc/convert.cgi Link to comment Share on other sites More sharing options...
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