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£ Up 2 Baht To 49 At Close Last Night

Lix
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Lix Explorer Member

Lix

Posted
Posted

Must be a Baht slip because it certainly is not a UK recovery, made for a smiling breakfast though :o

According to XE.com

DJGREEN1980 Rookie Member

DJGREEN1980

Posted
Posted

The pound has appreciated against a basket of currencies this morning so I don't think the baht has weakened. The baht is pegged to the dollar to some extent and you will see the dollar is having a bad day today as it has fallen against alot of currencies.

trd Silver Member

trd

Posted
Posted

Well all you can really say is that the pound against the dollar has retraced up and closed on the 4 hour chart just above the 38.2 fib level - due to some good banking news yesterday - but the trend on the daily chart is still definitely down.

Bangyai Gold Member

Bangyai

Posted
Posted
Must be a Baht slip because it certainly is not a UK recovery, made for a smiling breakfast though :D

According to XE.com

The reason the pound is climbing is to spite me because in a panic I just changed 6000 pounds into baht. The pound immediatley surged on completion of this foul deed :o

MeetJohnDoe Silver Member

MeetJohnDoe

Posted
Posted
Must be a Baht slip because it certainly is not a UK recovery, made for a smiling breakfast though :D

Only another 30 or so baht to go and Britannia will rule the waves again :o

Penkoprod Silver Member

Penkoprod

Posted
Posted
The reason the pound is climbing is to spite me because in a panic I just changed 6000 pounds into baht. The pound immediatley surged on completion of this foul deed :D

Well dont just stand there...............go change some more

A LOT more !!!! :o

Penkoprod

jesimps Gold Member

jesimps

Posted
Posted
Must be a Baht slip because it certainly is not a UK recovery, made for a smiling breakfast though :D

Only another 30 or so baht to go and Britannia will rule the waves again :o

The gobshite's at it again! Wish you were a John Doe you big mouthed spam.

Mali1964 Silver Member

Mali1964

Posted
Posted

Just this minute been to the ATM, got on to Nationwide on-line they gave me 49.93 so its Holding at the moment lets see what the business day brings tomorrow more good news i hope.

Mali1964 Silver Member

Mali1964

Posted
Posted
XE is giving it at 52. It went up a bit yesterday so probably when everything opens up on Monday it will be 51 something. http://www.xe.com/ucc/convert.cgi

I hope so I'll check it in a couple of days when it actually hits the account page,I thought the price was set as you drew it from the ATM, but from what you say Nationwide can still adjust that figure, must say I've not seen it happen in previous withdrawals but I live in hope it does. :D

How Happy we are to be talking about 50 Baht :o plus for our pound who would have thought hey, but yes it is some good news never the less, one Leo coming up for me lol. :D

chiang mai Star Member

chiang mai

Posted
Posted

I hope for everyone's sake this is a trend but somehow I don't think it is, so folks should probably take advantage of the better rates while they last. The reason I don't think it will last is because the subject of Sterling weakness was an agenda item at the G7 where France in particular was complaining that Sterling weakness represented an unfair advantage over the Euro in France. My hunch is that we are now seeing short term intervention that is resulting in a temporary strengthening of GBP - I also think the timing of Soros's remarks about him shorting the Pound were a part of that intervention and with further rate cuts to come out of the UK plus no good news on the horizon, I don't see why or how it can last. Sorry, but that's the way I see things currently.

Merangue Advanced Member

Merangue

Posted
Posted

Is it not more to do with good banking news from the likes of Barclays, the fact that while the UK is in a crap position, so is much of the more developed world ( Germany in particular), the fact that most commentators are saying the £ is already very undervalued and the bad news from the Thai finance ministry and the Asian bailout from Japan?

The fact that the likes of France complaining about the £ being undervalued and therefore giving the UK advantage over the Eurozone is likely to be a plus for the UK not a negative in both the short term and the medium to long as well.

That is how i am reading the situation anyway.

It may not be overnight but i expect the £ will rise a little bit more over the coming 3-4 weeks and the Baht may well have to devalue slightly in order to have a chance of competing in an ever more aggressive business and export area.

chiang mai Star Member

chiang mai

Posted
Posted (edited)
Is it not more to do with good banking news from the likes of Barclays, the fact that while the UK is in a crap position, so is much of the more developed world ( Germany in particular), the fact that most commentators are saying the £ is already very undervalued and the bad news from the Thai finance ministry and the Asian bailout from Japan?

The fact that the likes of France complaining about the £ being undervalued and therefore giving the UK advantage over the Eurozone is likely to be a plus for the UK not a negative in both the short term and the medium to long as well.

That is how i am reading the situation anyway.

It may not be overnight but i expect the £ will rise a little bit more over the coming 3-4 weeks and the Baht may well have to devalue slightly in order to have a chance of competing in an ever more aggressive business and export area.

Indeed those are also parts of the picture, especially the Barclay's better which was especially well timed!

The point I made about France was that they were complaining prior to the G7 that Sterling was so weak that it made for a competitive advantage on the part of Sterling, a case of weakness representing unfair strength. I think that as a result there was little choice but to support GBP and this is indeed what has happened.

Edited by chiang mai
wensiensheng Platinum Member

wensiensheng

Posted
Posted
Is it not more to do with good banking news from the likes of Barclays, the fact that while the UK is in a crap position, so is much of the more developed world ( Germany in particular), the fact that most commentators are saying the £ is already very undervalued and the bad news from the Thai finance ministry and the Asian bailout from Japan?

The fact that the likes of France complaining about the £ being undervalued and therefore giving the UK advantage over the Eurozone is likely to be a plus for the UK not a negative in both the short term and the medium to long as well.

That is how i am reading the situation anyway.

It may not be overnight but i expect the £ will rise a little bit more over the coming 3-4 weeks and the Baht may well have to devalue slightly in order to have a chance of competing in an ever more aggressive business and export area.

Indeed those are also parts of the picture, especially the Barclay's better which was especially well timed!

The point I made about France was that they were complaining prior to the G7 that Sterling was so weak that it made for a competitive advantage on the part of Sterling, a case of weakness representing unfair strength. I think that as a result there was little choice but to support GBP and this is indeed what has happened.

Well, GBP fell so quickly the last week or so that a pull back was more than over due. I feel that at 1.35 odd to USD GBP was being priced on the basis of a possibility of bankruptcy for the UK. In fact, some gilt auctions went over quite well, so that particular possibility eased somewhat. And then there was the good news from Barclays etc etc.

Overall, I feel the UK economy is likely to surprise to the down side in terms of it's performance, rather than to the upside, so I suppose the current levels are a decent sell opportunity for me. Not that I like USD or Euro either. USD is being debased as fast as GBP and EUR is going to suffer from some pretty awful economic performance from quite a few member states. It's getting so bad I'm even having to consider gold! Something I have previously sworn never to do :o

12DrinkMore Platinum Member

12DrinkMore

Posted
Posted
The fact that the likes of France complaining about the £ being undervalued and therefore giving the UK advantage over the Eurozone is likely to be a plus for the UK not a negative in both the short term and the medium to long as well.

The Germans, Irish as well as the French are well annoyed over Brown's devaluation of Stirling, which is seen as an unfair tactic.

Brown (through some mouthpiece) has already stated that he is not interested in the value of Stirling, presumably meaning he is interested in it, but not in a high value.

Possibly Soros hat the biggest effect when he said that he had now covered his bets on the downside. This would certainly have affected the sentiment of the currency speculators for the short term.

Unfortunately with no good news on the horizon in the UK, and as long as Brown is trying desperately to get himself re-elected rather than make a serious attempt to fix the fundamental problems, the GBP is destined to remain weak for a few years.

chiang mai Star Member

chiang mai

Posted
Posted
The fact that the likes of France complaining about the £ being undervalued and therefore giving the UK advantage over the Eurozone is likely to be a plus for the UK not a negative in both the short term and the medium to long as well.

The Germans, Irish as well as the French are well annoyed over Brown's devaluation of Stirling, which is seen as an unfair tactic.

Brown (through some mouthpiece) has already stated that he is not interested in the value of Stirling, presumably meaning he is interested in it, but not in a high value.

Possibly Soros hat the biggest effect when he said that he had now covered his bets on the downside. This would certainly have affected the sentiment of the currency speculators for the short term.

Unfortunately with no good news on the horizon in the UK, and as long as Brown is trying desperately to get himself re-elected rather than make a serious attempt to fix the fundamental problems, the GBP is destined to remain weak for a few years.

The Scots will not be happy with you, Stirling is a city.

Merangue Advanced Member

Merangue

Posted
Posted
The fact that the likes of France complaining about the £ being undervalued and therefore giving the UK advantage over the Eurozone is likely to be a plus for the UK not a negative in both the short term and the medium to long as well.

The Germans, Irish as well as the French are well annoyed over Brown's devaluation of Stirling, which is seen as an unfair tactic.

Brown (through some mouthpiece) has already stated that he is not interested in the value of Stirling, presumably meaning he is interested in it, but not in a high value.

Possibly Soros hat the biggest effect when he said that he had now covered his bets on the downside. This would certainly have affected the sentiment of the currency speculators for the short term.

Unfortunately with no good news on the horizon in the UK, and as long as Brown is trying desperately to get himself re-elected rather than make a serious attempt to fix the fundamental problems, the GBP is destined to remain weak for a few years.

What would you class as weak in comparison to the Baht? 50? 55? 60? 65?

chiang mai Star Member

chiang mai

Posted
Posted
The fact that the likes of France complaining about the £ being undervalued and therefore giving the UK advantage over the Eurozone is likely to be a plus for the UK not a negative in both the short term and the medium to long as well.

The Germans, Irish as well as the French are well annoyed over Brown's devaluation of Stirling, which is seen as an unfair tactic.

Brown (through some mouthpiece) has already stated that he is not interested in the value of Stirling, presumably meaning he is interested in it, but not in a high value.

Possibly Soros hat the biggest effect when he said that he had now covered his bets on the downside. This would certainly have affected the sentiment of the currency speculators for the short term.

Unfortunately with no good news on the horizon in the UK, and as long as Brown is trying desperately to get himself re-elected rather than make a serious attempt to fix the fundamental problems, the GBP is destined to remain weak for a few years.

What would you class as weak in comparison to the Baht? 50? 55? 60? 65?

55 would be very good, 60 would be truly excellent.

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