Jump to content
Login with your Gmail HERE and start posting in seconds! ×
Don't just read! Be part of the Community! Join the conversation ×

Pound Exchange Rate

benjamat
 Share

Recommended Posts

benjamat Advanced Member

benjamat

Posted
Posted (edited)

As of today the 24th October the pound has lost 7 baht to every pound in October alone.

Strangely the dollar has not fallen in spite of very similar problems (?)

This is a big hit for tourism and those of us getting our money paid into uk banks. Loss of more than 10% in just 24 days.

Wonder what super hero Brown will do to stop further falls with announcement today that the UK is officially in recession.

" NO MORE BOOM AND BUST !"

As i write the pound is at 53.6 baht, and the dollar is at 34.5 baht. Approx 3 weeks ago dollar/pound around 2/1.

Edited by benjamat
roamer Platinum Member

roamer

Posted
Posted
As of today the 24th October the pound has lost 7 baht to every pound in October alone.

Strangely the dollar has not fallen in spite of very similar problems (?)

This is a big hit for tourism and those of us getting our money paid into uk banks. Loss of more than 10% in just 24 days.

Wonder what super hero Brown will do to stop further falls with announcement today that the UK is officially in recession.

" NO MORE BOOM AND BUST !"

Nothing strange about the dollar not falling or the yen for that matter, in times of crisis those are still ultimately the worlds strongest currencies so those that can move their money into them.

If your holding sterling what you now have to look for is an interest rate cut because unfortunately the result of that will be further outflows of capital looking for a better rate elsewhere. Sterling will then continue its downward path.

Hard to see £ staying much above 45B over the short term at least whilst BOT is propping up the baht.

SoiSource Explorer Member

SoiSource

Posted
Posted
As of today the 24th October the pound has lost 7 baht to every pound in October alone.

Strangely the dollar has not fallen in spite of very similar problems (?)

This is a big hit for tourism and those of us getting our money paid into uk banks. Loss of more than 10% in just 24 days.

Wonder what super hero Brown will do to stop further falls with announcement today that the UK is officially in recession.

" NO MORE BOOM AND BUST !"

As i write the pound is at 53.6 baht, and the dollar is at 34.5 baht. Approx 3 weeks ago dollar/pound around 2/1.

I was lucky i transfered 50% of my cash at 69 baht the other 50% i sent at 62 baht. I scoffed at a few peoples predictions that that baht with be 45 to the pound. Im 100% sure it will get there within the next few months maybe lower.

roamer Platinum Member

roamer

Posted
Posted
As of today the 24th October the pound has lost 7 baht to every pound in October alone.

Strangely the dollar has not fallen in spite of very similar problems (?)

This is a big hit for tourism and those of us getting our money paid into uk banks. Loss of more than 10% in just 24 days.

Wonder what super hero Brown will do to stop further falls with announcement today that the UK is officially in recession.

" NO MORE BOOM AND BUST !"

As i write the pound is at 53.6 baht, and the dollar is at 34.5 baht. Approx 3 weeks ago dollar/pound around 2/1.

I was lucky i transfered 50% of my cash at 69 baht the other 50% i sent at 62 baht. I scoffed at a few peoples predictions that that baht with be 45 to the pound. Im 100% sure it will get there within the next few months maybe lower.

Bet you've made a few folk envious with that!!! It wouldn't surprise me to see it at $1.20...BUT I still believe the baht will get hit sooner or later, there is a lot of baht flowing out of LOS and they don,t have the reserves to keep it at this level indefinately, or at least I bleddy well hope not !!

SoiSource Explorer Member

SoiSource

Posted
Posted
As of today the 24th October the pound has lost 7 baht to every pound in October alone.

Strangely the dollar has not fallen in spite of very similar problems (?)

This is a big hit for tourism and those of us getting our money paid into uk banks. Loss of more than 10% in just 24 days.

Wonder what super hero Brown will do to stop further falls with announcement today that the UK is officially in recession.

" NO MORE BOOM AND BUST !"

As i write the pound is at 53.6 baht, and the dollar is at 34.5 baht. Approx 3 weeks ago dollar/pound around 2/1.

I was lucky i transfered 50% of my cash at 69 baht the other 50% i sent at 62 baht. I scoffed at a few peoples predictions that that baht with be 45 to the pound. Im 100% sure it will get there within the next few months maybe lower.

Bet you've made a few folk envious with that!!! It wouldn't surprise me to see it at $1.20...BUT I still believe the baht will get hit sooner or later, there is a lot of baht flowing out of LOS and they don,t have the reserves to keep it at this level indefinately, or at least I bleddy well hope not !!

Well to be honest i thought the 62 rate was bad but now seeing at 52 makes it a softer blow. Saying that 52 is very very bad.

torrenova Ruby Member

torrenova

Posted
Posted

I transferred quite a lot at 65 or so in July because I saw some decline but not to 50 or so, at least not quickly. Didn't need it here but might. Pulled out of the stock market as well. Sold the last of the main businesses in LOS in May but not all due to my knowledge, a lot due to good fortune. Will re-enter the market but not sure about more business in LOS at the moment.

sassienie Gold Member

sassienie

Posted
Posted

£ rate has crashed down 3 baht since this morning. This evening (October 24, 2008) 52 baht = £1

It`s well possible that the rate could turn to 40 baht = £1.

I noticed that the euro seems to have fell down with the £, but the Yen and some other currencies have actually increased, which means there is hope yet, as if and when the economy of Britain improves, exchange rates for us Brits should increase, unless it spreads worldwide.

This is going to separate the men from the boys and wait and see who can financially last here.

This could mean a one way ticket back to our glorious mother land, the land of no hope or glory for some ex-pats who did not come over financially prepared.

Will keep a view on ThaiVisa and see who`s panicking.

SoiSource Explorer Member

SoiSource

Posted
Posted
£ rate has crashed down 3 baht since this morning. This evening (October 24, 2008) 52 baht = £1

It`s well possible that the rate could turn to 40 baht = £1.

I noticed that the euro seems to have fell down with the £, but the Yen and some other currencies have actually increased, which means there is hope yet, as if and when the economy of Britain improves, exchange rates for us Brits should increase, unless it spreads worldwide.

This is going to separate the men from the boys and wait and see who can financially last here.

This could mean a one way ticket back to our glorious mother land, the land of no hope or glory for some ex-pats who did not come over financially prepared.

Will keep a view on ThaiVisa and see who`s panicking.

Seems like you are.

MinnieCauldwell Apprentice Member

MinnieCauldwell

Posted
Posted
As of today the 24th October the pound has lost 7 baht to every pound in October alone.

Strangely the dollar has not fallen in spite of very similar problems (?)

This is a big hit for tourism and those of us getting our money paid into uk banks. Loss of more than 10% in just 24 days.

Wonder what super hero Brown will do to stop further falls with announcement today that the UK is officially in recession.

" NO MORE BOOM AND BUST !"

Nothing strange about the dollar not falling or the yen for that matter, in times of crisis those are still ultimately the worlds strongest currencies so those that can move their money into them.

If your holding sterling what you now have to look for is an interest rate cut because unfortunately the result of that will be further outflows of capital looking for a better rate elsewhere. Sterling will then continue its downward path.

Hard to see £ staying much above 45B over the short term at least whilst BOT is propping up the baht.

And how long do you think it can be propped up? before the country goes bust? It can't weather this much longer, it will hit this place like a bombshell in the next few months, the pound/dollar will rebound as always, and Thailand will be be left going cup in hand th the IMF...watch this space!

MinnieCauldwell Apprentice Member

MinnieCauldwell

Posted
Posted (edited)
Minnie, there was a great poster here called Albert Tatlock - do you know him?

That would probably get me into DEEP SHIT if I was to answer truthfully! LOL

I believe he died, or was assasinated by the TV Mods!

Edited by MinnieCauldwell
cmsally Ruby Member

cmsally

Posted
Posted
This link takes you to a financial top of the pops chart, see how long it takes to find UK.

Make of it what you will

https://www.cia.gov/library/publications/th...r/2187rank.html

Good call. The balance of trade was awful to begin with and now the City has gone bust and the North Sea is slipping further into decline, things can only get worse.

Crikey, UK & USA are worse off than Thailand!

But when they say current acct. balance , surely one of the most important things is how each country is holding their currency. For example if China is holding mostly US$ they have become considerably richer. It is feasible that Russia pulled out of Euro/pound a few months ago and bought dollars and yen.

kmart Platinum Member

kmart

Posted
Posted (edited)

The exchange rate was 40 Baht / Pound when i first came here in '93. End of '97 (year of the Asian crash) the Pound would buy 95 of yer Thai beer tokens.

I will be funding my trip to London at year's end with Baht by the looks of things. Oh happy days indeed.

Edited by kmart
PhilHarries Ruby Member

PhilHarries

Posted
Posted

It's not getting any better, this from today's Telegraph.

The pound fell to almost $1.56 in early trading and slid to almost 80p versus Europe's common currency as what one expert called a "currency market tsunami" continued to sweep the foreign-exchange markets.

The weakness in sterling leaves the currency 13pc lower against the dollar this month alone as expectations that the UK economy is now facing a severe recession becomes the mainstream view. News on Friday the economy contracted 0.5pc in the three months to September sent the currency tumbling almost 9 cents at one point.

Bob Munro, senior consultant at currency experts HiFX, said that the dollar’s strength against the pound would continue as hedge funds liquidated assets in emerging markets and kept the money in cash.

He said: “Most of these hedge funds are dollar-denominated and so money is pouring into the dollar.” Munro added: “This is not a vote of confidence in the US economy, more a technical move as people get out of anything risky.

“There is a currency market tsunami washing over everything, and we will have to wait until the waves recede to see what’s left,” he said.

The increasingly bleak news from the economy is putting pressure on the Bank of England to cut interest rates before its schedule meeting next month.

Dr Lyons, chief economist at Standard Chartered, said: “The economic data available to us shows that the UK economy is crying out for a further cut in the rate of interest. Mervyn King’s comments last week suggest that the Bank of England will do that at its next meeting, but I think action needs to be taken immediately.

However he added: “I don’t expect this to happen, though, and think we will need to wait until the Monetary Policy Committee’s next meeting in November.”

shakeydave Explorer Member

shakeydave

Posted
Posted

A strong Baht maybe good for certain things but for Thai exports it is a nightmare for Thailand and jobs in general including tourism.I own ( not for long as I've sold up) a travel agency in the UK and I can tell you without doubt that an over inflated Baht will stop people travelling to Thailand as people will go where the pound is strong.Anyone can see what an over inflated currency can do to tourism as the tourist figures are down in the Euro zone so those that are gloating about the strong Baht beware.Add to the political problems in Thailand most tourist areas in Thailand will suffer without a doubt.I think this is short term as the Baht is linked to the dollor and at the moment the pound is getting stronger again so if you have spare cash buy the pound now and wait to change it back in about 6 months when you get more baht to the pound.

Laters

Shakeyd :o

Loaded Platinum Member

Loaded

Posted
Posted

It seems to me that 'confidence' is the key word. Regardless of whether an economy is strong or weak right now, if sentiment is negative, people panic, sell and create situations that maybe do not reflect the true situation. Saying that, I have a brother-in-law builder in SE England who has gone from running a crew of 18 to 2. He even has to get out of the cafe and do some work now.

jubby Platinum Member

jubby

Posted
Posted

The exchange rates 57.54 baht to the pound today (atleast where I'm looking) . Seems to be on the up. suspect its due to the interest rates being cut in the US and the baht pegging. maybe a window to transfer some money as the UK probably will cut rates next week which will send the rate down again. but what do I know !? ........

probably as much as the experts at the moment ;-)

wintermute Gold Member

wintermute

Posted
Posted
The exchange rates 57.54 baht to the pound today (atleast where I'm looking) . Seems to be on the up. suspect its due to the interest rates being cut in the US and the baht pegging. maybe a window to transfer some money as the UK probably will cut rates next week which will send the rate down again. but what do I know !? ........

probably as much as the experts at the moment ;-)

It'll probably bounce off its low and stay around the 50's range. The time for high 60's and 70's is long gone. The new slumping economy and unwinding of the carry trade ensures that.

  • 2 months later...
ps21 Newbie

ps21

Posted
Posted

Its not beyond the realms of possibility that the GBP will become a soft currency and you will not be able to change it at all for foreign currency.

Merangue Advanced Member

Merangue

Posted
Posted
Its not beyond the realms of possibility that the GBP will become a soft currency and you will not be able to change it at all for foreign currency.

It is not beyond the realms of possibility that we will be invaded by aliens from another star system and the world will end as we know it.

Pretty unlikely though.

What is with all the doom mongers?

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share
Go to topic listing

  • Recently Browsing   0 members

    • No registered users viewing this page.






ASEANNOW

ASEANNOW (formerly Thai Visa) Thailand's oldest and most popular forum for expats and foreigners.

Sign up today and have your say

MORE INFO

POPULAR AREAS

CONTACT US

219/59 Asoke Towers, 15th Floor, Soi Sukhumvit 21, Watthana, Bangkok 10110
(+66) 99 196 1100
[email protected]

×
×
  • Create New...