Pound Vs Thb

[vpi78]

Somebody made a mint off currency fluctuations:

In politics and economics, Black Wednesday refers to the events of 16 September 1992 when the British Conservative government was forced to withdraw the pound sterling from the European Exchange Rate Mechanism (ERM) after they were unable to keep sterling above its agreed lower limit. George Soros, the most high profile of the currency market investors, made over US$1 billion profit by short selling sterling.

Yeah ... Of icourse ...and they made it off fools like those who claim they live in Thailand beating the system. Same kind of folks that go to Vegas gambling and come back home with more money than what they with.

Yeah that is how those Billion-dollar hotel/casions get built.

[StreetCowboy]

one thing i did learn never change money on weekends,whatch the bank rates on fri.afternoons, DOWN DOWN DOWN :angry:

That is just silly BS.

It depends where you're changing the money - I wouldn't have a clue about exchange booths or withdrawing from a UK bank via a Thai ATM at the weekend or any other time, as I charge up a Thai account with occasional transfers from my UK bank. I do this via UKForex, and I've noticed that the rate is usually more favourable during UK banking hours. So I wouldn't dismiss the comment about changing money at weekends so lightly.

The first time I came to Thailand in 1996 the pound would buy 40 Baht. The Japanese economy tanked a year or two afterwards and took the other Asian currencies with it, hence those happy memories of rates around 70 or more. Now it's the Western economies that have been hit with a fundamental downshift because the banking/property bubble burst. I will be relieved if the pound manages to hang on to around 50baht, because I can't see many reasons why it shouldn't go all the way back to the 1996 rate.

The 1996 rate was artificially maintained, without the foreign exchange reserves to support it; hence the 1997 currency crash.

By that time, as I recall, the Japanese economy had been in the doldrums for some years (I think I invested a modest amount in Japan then in the belief that it was bound to recover sooner rather than later ... in retrospect I should have realised the error at the words "...it was bound to..."

SC

[Livinginexile]

Great news for me!

For those sending home this is fantastic news!

I seriously hope the pound goes to shit

[ChristopherWilliamsBKK]

The UK owns the US.Why did it stay out of the Euro?Dollar will implode, as will the euro.The Great British Pound will be gold dust.

[vpi78]

The UK owns the US.Why did it stay out of the Euro?Dollar will implode, as will the euro.The Great British Pound will be gold dust.

Funny, guess that is why those US military bases are still in the UK.

On the other hand, after living for the last 3 years in Chelsea in London it seems to me that the Russians own the UK now.

[honkytonklagoon]

The UK owns the US.Why did it stay out of the Euro?Dollar will implode, as will the euro.The Great British Pound will be gold dust.

Yes. The good old days will return, and again the Sun will never set on the British Empire.

[vpi78]

The UK owns the US.Why did it stay out of the Euro?Dollar will implode, as will the euro.The Great British Pound will be gold dust.

Yes. The good old days will return, and again the Sun will never set on the British Empire.

The Sun will set soon now that NOTW has sunk.

[meatboy]

one thing i did learn never change money on weekends,whatch the bank rates on fri.afternoons, DOWN DOWN DOWN :angry:

That is just silly BS.

dont be so silly sitting in your chelsea pad,can you tell me what bkb exch.rate for sterling is today sat.now then being in thailand for a long time who owns chelsea f.c ? ps my anitials are mb.not bs.

[vpi78]

one thing i did learn never change money on weekends,whatch the bank rates on fri.afternoons, DOWN DOWN DOWN :angry:

That is just silly BS.

dont be so silly sitting in your chelsea pad,can you tell me what bkb exch.rate for sterling is today sat.now then being in thailand for a long time who owns chelsea f.c ? ps my anitials are mb.not bs.

I could tell you but you don't seem conversant enough in English to understand very much. I'm in Bangkok today if you want to meet up and I could explain it to you slow enough for you to comprehend.

I could not care less who owns which EPL team.

[Bagwan]

2006 was a good year

being that the baht tracks the $ the question is....

is the U.K in a better position to pull themselves out of the cack than the U.S.A?

or are we all doomed for eternity

For those of us with receding hairlines, we are domed for eternity

SC

My doctor told me that I am HIV positive. Hair Is Vanishing.

[meatboy]

The UK owns the US.Why did it stay out of the Euro?Dollar will implode, as will the euro.The Great British Pound will be gold dust.

Funny, guess that is why those US military bases are still in the UK.

On the other hand, after living for the last 3 years in Chelsea in London it seems to me that the Russians own the UK now.

did i misunderstood you what last three years were you refering to,must be my welsh schooling i was never a clever so and so but i have 2international trophys in diff.sports maybe i could teach you a thing or two,yachi da

[Ricardo]

one thing i did learn never change money on weekends,whatch the bank rates on fri.afternoons, DOWN DOWN DOWN :angry:

That is just silly BS.

But might it not be sensible, that the banks err slightly (to their own benefit) on the cautious side, when setting their rates for the week-end ? And decide to give slightly-fewer Baht to the tourists, for their Pounds, Euros & Dollars ?

Logically, and if you could eliminate all other influences, which of course can never be done, then on Mondays the markets would be hit by 3-days'-worth of tourist-money being converted, and this demand for Baht should strengthen it slightly, Demand being higher than average. Fridays would perhaps see a little extra pre-weekend demand, from tourists planning their finances a couple-of-days ahead, with the same effect.

So mid-week might get you a slightly better rate, in an everything-else-being-equal world, based only on foreign-visitors converting their holiday-money.

But any fluctuation in the pattern of when tourists change their forex into Baht would probably be swamped by commercial-deals, as exporters change the foreign-currency earned by their sales, interesting (and a very nice legacy for Korn & the outgoing-government to leave) that June set an all-time record for Thai exports.

This theory of mine may also be "just silly BS", who knows, but at least there is some small amount of logic behind it. :jap:

Edited July 23, 2011 by Ricardo

[vpi78]

one thing i did learn never change money on weekends,whatch the bank rates on fri.afternoons, DOWN DOWN DOWN :angry:

That is just silly BS.

But might it not be sensible, that the banks err slightly (to their own benefit) on the cautious side, when setting their rates for the week-end ? And decide to give slightly-fewer Baht to the tourists, for their Pounds, Euros & Dollars ?

Logically, and if you could eliminate all other influences, which of course can never be done, then on Mondays the markets would be hit by 3-days'-worth of tourist-money being converted, and this demand for Baht should strengthen it slightly, Demand being higher than average. Fridays would perhaps see a little extra pre-weekend demand, from tourists planning their finances a couple-of-days ahead, with the same effect.

So mid-week might get you a slightly better rate, in an everything-else-being-equal world, based only on foreign-visitors converting their holiday-money.

But any fluctuation in the pattern of when tourists change their forex into Baht would probably be swamped by commercial-deals, as exporters change the foreign-currency earned by their sales, interesting (and a very nice legacy for Korn & the outgoing-government to leave) that June set an all-time record for Thai exports.

This theory of mine may also be "just silly BS", who knows, but at least there is some small amount of logic behind it. :jap:

Good post. It is just common sense that the commercial side of the money market swamps the tourism side.

It is also logical for many of the posters on this forum which has high participation by tourists (some who apparently have just visited Thailand a few times ... if at all) to think only in terms of the tourist.

[vpi78]

The UK owns the US.Why did it stay out of the Euro?Dollar will implode, as will the euro.The Great British Pound will be gold dust.

Funny, guess that is why those US military bases are still in the UK.

On the other hand, after living for the last 3 years in Chelsea in London it seems to me that the Russians own the UK now.

did i misunderstood you what last three years were you refering to,must be my welsh schooling i was never a clever so and so but i have 2international trophys in diff.sports maybe i could teach you a thing or two,yachi da

I can't tell much about what you understand but it is not much about the internet because you post your birth date in your profile. That makes you are more target rich environment for scammers.

For your own good you should think about deleting that information. If you have such information in other social media, e.g., Facebook, it is wise to delete it from there as well.

[Chivas]

one thing i did learn never change money on weekends,whatch the bank rates on fri.afternoons, DOWN DOWN DOWN :angry:

That is just silly BS.

It depends where you're changing the money - I wouldn't have a clue about exchange booths or withdrawing from a UK bank via a Thai ATM at the weekend or any other time, as I charge up a Thai account with occasional transfers from my UK bank. I do this via UKForex, and I've noticed that the rate is usually more favourable during UK banking hours. So I wouldn't dismiss the comment about changing money at weekends so lightly.

The first time I came to Thailand in 1996 the pound would buy 40 Baht. The Japanese economy tanked a year or two afterwards and took the other Asian currencies with it, hence those happy memories of rates around 70 or more. Now it's the Western economies that have been hit with a fundamental downshift because the banking/property bubble burst. I will be relieved if the pound manages to hang on to around 50baht, because I can't see many reasons why it shouldn't go all the way back to the 1996 rate.

I dismiss it with great predujice. It is rubbish.

One week it will up on Fridays and another down.

If it was any other way, everyone would be making a mint on the currency fluctuations. Yeah I have heard the liars brag that they are in Thailand making a living off internet trading and currency hedging. BS.

I can sit happily in Thailand and operate a profitable spread trading account until the day my brain gives out so bullshit it certainly isn't.

I would suggest with respect you don't have the knowledge or ability to do it yourself....

[vpi78]

It depends where you're changing the money - I wouldn't have a clue about exchange booths or withdrawing from a UK bank via a Thai ATM at the weekend or any other time, as I charge up a Thai account with occasional transfers from my UK bank. I do this via UKForex, and I've noticed that the rate is usually more favourable during UK banking hours. So I wouldn't dismiss the comment about changing money at weekends so lightly.

The first time I came to Thailand in 1996 the pound would buy 40 Baht. The Japanese economy tanked a year or two afterwards and took the other Asian currencies with it, hence those happy memories of rates around 70 or more. Now it's the Western economies that have been hit with a fundamental downshift because the banking/property bubble burst. I will be relieved if the pound manages to hang on to around 50baht, because I can't see many reasons why it shouldn't go all the way back to the 1996 rate.

I dismiss it with great predujice. It is rubbish.

One week it will up on Fridays and another down.

If it was any other way, everyone would be making a mint on the currency fluctuations. Yeah I have heard the liars brag that they are in Thailand making a living off internet trading and currency hedging. BS.

I can sit happily in Thailand and operate a profitable spread trading account until the day my brain gives out so bullshit it certainly isn't.

I would suggest with respect you don't have the knowledge or ability to do it yourself....

You are correct. I would not try it myself.

Kudos to you if you are one of the very few that can do it; but I doubt it.

[Godders]

The UK owns the US.Why did it stay out of the Euro?Dollar will implode, as will the euro.The Great British Pound will be gold dust.

Yes. The good old days will return, and again the Sun will never set on the British Empire.

And then I woke up.

[kurnell]

I am thinking of opening a GBP bank account in Australia as the dollar is so strong at the moment. As is the norm, the dollar will plummet again and the pound will come back. Bingo, I make a good profit

[doctormann]

For anyone that's interested in exchange rate fluctuations I suggest that they take a look at the Oanda currency conversion site.

http://www.oanda.com/currency/converter/

Pull up the charts for the last 90 days for either USD vs THB or GBP vs THB and it is quite apparent that something happens to the rates every weekend, regular as clockwork. I don't pretend to understand why this should be the case but the evidence is there. If you want to avoid low exchange rates when converting to Baht then don't do the exchange at a weekend!

DM

[Beechboy]

It's good for me. I earn expat salary and send money home!

I seriously hope the pound drops below 30!

Am I the only one here that hopes the pound tanks?

Puzzled.by this.

Ex-pat salary in Sterling you mean as you send it home? Sending baht back would get you less pounds.. Unusual.? You still have to change some baht there to live, so it's not all roses, and thirty would hurt a lot of people enormously and unfairly.

We can also anticipate similar declines in the Dollar and the Euro I suppose. in the O/P's yearned for scenario. So I mention only UK, but it applies equally oi to Americans and Europeans too.

Under thirty to the pound and it would decimate the ex-pat community or more. Those relying on UK pensions would be worse hit and would likely move on..

Those relying on UK rentals would either re-consider their postions or cut-back drastically.

UK tourists would all but disappear and be lured by the attractions of Thailand's neighbours.

Thailand,s exports would become too expensive.

As the ex-pat and tourist communities weaken in this way businessess and facilities designed for them would decline, as their customer base either disappears or spends a lot less.

Hotels, shops, clubs, bars and restaurants and all the other little corners of towns that benefit from us lot would suffer. The scene, as we know it would become unrecognisable within a few years. The China/Japan/Russian axis and the Nigerian/Arab input would dominate.

Thus Mr. ex-pat wages, it might not benefit you as much as you think and your "I'm all right Jack" style gloating could backfire on you, unless that is, you live in some remote backwater of this pleasant land.

Edited July 23, 2011 by Beechboy

[vpi78]

For anyone that's interested in exchange rate fluctuations I suggest that they take a look at the Oanda currency conversion site.

http://www.oanda.com/currency/converter/

Pull up the charts for the last 90 days for either USD vs THB or GBP vs THB and it is quite apparent that something happens to the rates every weekend, regular as clockwork. I don't pretend to understand why this should be the case but the evidence is there. If you want to avoid low exchange rates when converting to Baht then don't do the exchange at a weekend!

DM

Good example of why amateurs (and I certainly include me as a rank amateur in it) should stay away from currency markets. You are looking at compressed data. Without jumping into a rant about Fx trading, there is a routine demand for any currency over a weekend, skewed by the large commercial traders, banks, governments, etc. We do not get the advantage of those exchange rates or the spreads involved.

To see the null effect simpler, take your charts where you track the ratio of $/Baht or Sterling/Baht and just reverse them for Baht/$ or Baht/Sterling. The curves will match, i.e., there will be a low point over the weekend and high points Wed/Thur.

It is the spread between buying/selling minus the costs of the transaction that matter. Fx traders deal in minutes if not seconds of the spread difference in currencies. Very few outside the large institutions can make a profit on it.

You and I are not in that group.

[StreetCowboy]

It's good for me. I earn expat salary and send money home!

I seriously hope the pound drops below 30!

Am I the only one here that hopes the pound tanks?

Puzzled.by this.

Ex-pat salary in Sterling you mean as you send it home? Sending baht back would get you less pounds.. Unusual.? You still have to change some baht there to live, so it's not all roses, and thirty would hurt a lot of people enormously and unfairly.

We can also anticipate similar declines in the Dollar and the Euro I suppose. in the O/P's yearned for scenario. So I mention only UK, but it applies equally oi to Americans and Europeans too.

Under thirty to the pound and it would decimate the ex-pat community or more. Those relying on UK pensions would be worse hit and would likely move on..

Those relying on UK rentals would either re-consider their postions or cut-back drastically.

UK tourists would all but disappear and be lured by the attractions of Thailand's neighbours.

Thailand,s exports would become too expensive.

As the ex-pat and tourist communities weaken in this way businessess and facilities designed for them would decline, as their customer base either disappears or spends a lot less.

Hotels, shops, clubs, bars and restaurants and all the other little corners of towns that benefit from us lot would suffer. The scene, as we know it would become unrecognisable within a few years. The China/Japan/Russian axis and the Nigerian/Arab input would dominate.

Thus Mr. ex-pat wages, it might not benefit you as much as you think and your "I'm all right Jack" style gloating could backfire on you, unless that is, you live in some remote backwater of this pleasant land.

Some of us earn in local currency and pay liabilities in pounds - helping the exchequer with his balance of payments, if not his revening.

So a low pound helps these invisible exports, as well as the more obvious contributions from tourism etc.

My last property in the UK was mortgaged in HK$, which are tied to the US$, so that mortgage has plummeted in value (not to the same extent as the property, but never mind... swings and roundabouts!)

SC