GBP to THB Exchange Rate

[Naam]

worthwhile to mention is the fact that not USD, GBP, EUR, AUD or SGD strengthened; it's the Baht weakening vs. these currencies.

therefore... pretty please... no suggestions that a new style of Haggis, composed in Glasgow and exported to London is the reason for the Pound's strength

[Naam]

50.38 on XE.com

It's going to go up and reach 53 sometime in the next two weeks.

That's a 6% markup call. Hope? Runes? The good weather?

I've been right so far, if a few weeks off.

That would imply an approximately 20% rise in GDPTHB from the 43+ recent lows.

you mean AnotherOneImplication?

[yoshiwara]

Readers should take the opportunity of having a little look at the earlier part of this thread eg from page 1 and wonder in amazement at the sheer certainty of many of the predictions which have turned out to be just not so.

[RAZZELL]

50.2 for £50's at Superrich

RAZZ

Edited September 5, 2013 by RAZZELL

[RAZZELL]

worthwhile to mention is the fact that not USD, GBP, EUR, AUD or SGD strengthened; it's the Baht weakening vs. these currencies.

therefore... pretty please... no suggestions that a new style of Haggis, composed in Glasgow and exported to London is the reason for the Pound's strength

I would "guess" that the basic fundamentals of the UK economy are improving...well they couldn't really have gotten any worse could they?

Also, thailand is perhaps starting to see a slight "downturn".

Finally, situation in Syria - money flows in to "safe" economies.

RAZZ

Edited September 5, 2013 by RAZZELL

[Cambodger]

I changed £100 last night on soi 3 at the arab exchange shops (highly recommended for quick no bs service, ripped or written on notes etc and good rates) 4990 bht. Personally I think it belongs nearer to 60 but maybe that's wishful thinking.

[breadbin]

Now I have all my cash out of Thailand 68/70 in - 43.5 out) I hope we see the THB - GBP climb each week. Selfish maybe but that's life.

Good luck

And that is exactly how one makes the issue meaningful. Good call.

You have been lucky and done well, not many people win at both ends of the range, most are happy to make a bit, ok a bit more than a bit. It does not happen to often. When the crisis started I dumped a lot PDQ into a 4 year bond at 6.27% soon the rates tumbled, I did well but after the 4 years the best I could get was 2.35%, nice stories but not of any value to todays levels or to do with the GBP rate to the Thai BT!

At present its seems to be hovering between 49.4 to 49.8, 50 seems to be a barrier to far although I hope not, but, it a heck of a lot better than the 43.5 earlier this year.

I was lucky, know nothing about markets etc.

Pure luck.

But I do wish I'd've bought plenty Thai gold back in 2001 at £80 per baht!!!!

[mommysboy]

worthwhile to mention is the fact that not USD, GBP, EUR, AUD or SGD strengthened; it's the Baht weakening vs. these currencies.

therefore... pretty please... no suggestions that a new style of Haggis, composed in Glasgow and exported to London is the reason for the Pound's strength

Yes without a doubt, if the pound appears to strengthen it is because the baht is weakening. A report in the rag that can not be quoted details a local capital flight to neighbouring countries and hints at a recession in Thailand.

In contrast here appears to be a marked uptick in UK economy, which I dare say will end up with a stronger pound at some point providing it is sustained. But BoE clearly intent on maintaining low interest rates and monetary stimulus.

[chiang mai]

Just a small word of caution: we seem to have jumped to the view that everything is now OK with the UK economy and that it will continue to grow from this point on and I'm not sure that's entirely valid, some points of view follow:

http://www.telegraph.co.uk/finance/g20-summit/10288776/Dont-get-ahead-of-yourselves-Osborne-warns-against-celebrating-the-recovery.html

http://www.telegraph.co.uk/finance/mark-carney/10288728/Markets-pile-pressure-on-Carney-after-rates-held.html

http://www.telegraph.co.uk/finance/economics/10288992/George-Osborne-has-an-economic-recovery-but-what-sort.html

Certainly from a trend perspective it seems as though Thailand and the UK have switched roles, the UK economy now seems to be on the up whilst the Thai economy seems to be slowing, the key word here is "seems" since it's really hard to tell any more because there's so much smoke and mirrors in place!

[snake24]

Is 1 pound worth like 50 thb? Wow that's a high rate I didn't bother checking it out but just recently and the pound is almost 2x the singapore dollar and higher than the euro?

[snake24]

Some of these Carribean currencies have high value like the bermuda dollar and I think the Barbados dollar is like 1.56 to 1 pound and they aren't even famous for being strong economically just good for holiday destination

[chiang mai]

Might be useful to the thread if we all use the same currency converter and since the majority of transactions will take place in Thailand, I suggest naam's favorite, SCB, it's found here:

http://www.scb.co.th/scb_api/

Against GBP it's currently showing a TT rate of 50.19 (bank buys Pounds) and 50.75 (Bank sells Pounds)

[Upnotover]

Might be useful to the thread if we all use the same currency converter and since the majority of transactions will take place in Thailand, I suggest naam's favorite, SCB, it's found here:

http://www.scb.co.th/scb_api/

Against GBP it's currently showing a TT rate of 50.19 (bank buys Pounds) and 50.75 (Bank sells Pounds)

This one.... http://bankexchangerates.daytodaydata.net/default.aspx ....collects the live data from several banks and displays them individually. Interesting to see the differences sometimes.

[chiang mai]

Yes, that works well also, thanks.

[NeverSure]

Well, definitely the baht is still falling so far today. I just transferred a few dollars and got 32.2 baht to the USD. Not too much, just cost averaging.

I see that the GBP is also well up again so far today against the baht.

[NeverSure]

worthwhile to mention is the fact that not USD, GBP, EUR, AUD or SGD strengthened; it's the Baht weakening vs. these currencies.

therefore... pretty please... no suggestions that a new style of Haggis, composed in Glasgow and exported to London is the reason for the Pound's strength

You're almost right, Naam. There's this exception to the rule which is that the Pound is strong because Scotland makes such good whiskey.

Edited September 6, 2013 by NeverSure

[RAZZELL]

50.4 for 50's in cash!

RAZZ

[metisdead]

A number of off topic posts and replies have been removed as well as some trolling posts.

[snake24]

I changed £100 last night on soi 3 at the arab exchange shops (highly recommended for quick no bs service, ripped or written on notes etc and good rates) 4990 bht. Personally I think it belongs nearer to 60 but maybe that's wishful thinking.

since when was 1gbp worth 60thb?

[Upnotover]

I changed £100 last night on soi 3 at the arab exchange shops (highly recommended for quick no bs service, ripped or written on notes etc and good rates) 4990 bht. Personally I think it belongs nearer to 60 but maybe that's wishful thinking.

since when was 1gbp worth 60thb?

October 5, 2008.

[Naam]

I changed £100 last night on soi 3 at the arab exchange shops (highly recommended for quick no bs service, ripped or written on notes etc and good rates) 4990 bht. Personally I think it belongs nearer to 60 but maybe that's wishful thinking.

since when was 1gbp worth 60thb?

GBP was at or above THB 60 from summer 2000 till autumn 2008.

in january 1998 one Pound bought >90 Baht.

[The International Farang]

I'm hoping the rise will continue for a bit, but don't forget a strong pound against the baht means a lot more idiots start showing up in Thailand like we saw in the 2000 onwards until about 2010-2011.

[JaiLai]

I'm hoping the rise will continue for a bit, but don't forget a strong pound against the baht means a lot more idiots start showing up in Thailand like we saw in the 2000 onwards until about 2010-2011.

Depends where you live....

[haybilly]

I changed £100 last night on soi 3 at the arab exchange shops (highly recommended for quick no bs service, ripped or written on notes etc and good rates) 4990 bht. Personally I think it belongs nearer to 60 but maybe that's wishful thinking.

 

since when was 1gbp worth 60thb?

I see Naam has already shown you how wrong you are- must of us remember it well.

Sent from my GT-N7100 using Thaivisa Connect Thailand mobile app

[longstebe]

I'm hoping the rise will continue for a bit, but don't forget a strong pound against the baht means a lot more idiots start showing up in Thailand like we saw in the 2000 onwards until about 2010-2011.

Its something out of your control, I wouldn't worry about it. That would be the last thing on my mind.

Sent from my Nexus 4 using Thaivisa Connect Thailand mobile app

[chiang mai]

Relevant to two topics so posted in both:

BOT reports they spent USD 3.37 bill. of foriegn reserves since early August, defending THB presumably, reserves stand at 168 bill US..

[mccw]

""""""

It does seem like it’s déjà vu all over again. As emerging market governments burn through their foreign exchange reserves in an effort to support local currencies in the midst of massive capital outflows, the headlines are eerily reminiscent of the 1990s or early 2000s. Say, for example, in 1991, when India had to fly its entire gold reserve pile to London as collateral for a loan. Or in 2001, when a debt crisis, capital flight and a bank run forced Argentina to freeze domestic bank accounts and default on its international debt. But is today’s news just a replay of crises past? Not in the slightest, says Robert Parker, a senior adviser to Credit Suisse and a member of the bank’s Investment Committee.

It’s not that the players are different. India is once again grabbing the lion’s share of nervous headlines today due the fast-falling rupee, its large budget and current account deficits, high inflation and relatively anemic growth. And Brazil, Mexico, Indonesia and Thailand are all experiencing currency pressure that does seem shockingly familiar. But that’s where the similarities end. One big difference: most of the larger emerging market economics have made significant structural adjustments that leave them much better able to deal with today’s capital outflows than they were in previous crises. “The circumstances are very different,” Parker said. “The key question is, ‘Are we going to have, as we had in the 1990s, a range of sovereign debt defaults?’ And the answer to that is, no.”

Last time around, Parker explained, many of the affected countries shared three characteristics: large current account deficits, large amounts of debt denominated in foreign currency and fixed exchange rates. The combination proved to be fatal, as currencies pegged to the dollar became artificially expensive, making it difficult to meet exchange requests, which in turn hastened the depletion of foreign exchange reserves. Large current account deficits and external debt denominated in foreign currencies exacerbated things by forcing even more money out of those countries to purchase goods and make loan payments.

The current crisis began in May, when the Federal Reserve first said it could begin slowing down the asset purchases it had been using to pump money into the U.S. economy and keep interest rates low. Investors who had plowed money into bonds, equities and other investments in Asia and South America in search of higher returns began withdrawing their capital as a result.

Here’s what’s different this time around: For one, in contrast to the slow, decade-long wave of troubles 20 years ago, the current crisis is hitting economies all over the world at about the same time. Two, most economies that had fixed-exchange rates in the 90s and early 2000s have since allowed their currencies to float freely, with the notable exceptions of Venezuela and China. In the Asian financial crisis, the appreciation of the dollar made Asian currencies pegged to it less competitive. Now, Parker noted, emerging market currencies have simply become less valuable – an opportunity for exporters. “One pressure valve which has been obviously pushed very hard indeed in recent months has been the devaluation of currencies – and frankly, those devaluations have been very positive,” he said. “Although particularly for commodity importers like India, weaker currencies are going to result in higher inflation, the fact of the matter is, these countries now have very competitive currencies.”

Many emerging market economies have also built up much larger stockpiles of foreign exchange reserves than previously. As Parker put it, “Even poor old India’s got more than $250 billion.” India’s Prime Minister Manmohan Singh has been stressing to the press over the last week that India’s reserves of $280 billion could cover seven months of imports this time around, as opposed to three weeks at the low point of the 1991 crisis. China, of course, has about $3.4 trillion dollars in reserves, while Russia, which defaulted on its debt and devalued the ruble in 1998, has around $600 billion. “Their firepower to defend their economies and restructure their economies is totally different from the 90s,” Parker said.

The Financialist

Asian national banks were borrowing large sums in order to finance public-private infrastructure investments at home. With the notable exceptions of Turkey, South Africa and India, the last of which has a current account deficit equivalent to nearly 5 percent of GDP, many emerging market countries “are either in surplus, like in Russia or China, or the current account deficits are very small, as in Brazil and most of Asia,” Parker said. Similarly, he added, the risk of a sovereign debt crisis is nowhere near as prevalent now as it was then, since many emerging market governments carry most of their debt in domestic currency, rather than in foreign currency.

Finally, Parker said, investors simply aren’t speculating in the emerging markets to the extent they were in the 1990s and early 2000s. “Whereas investors back in the 90s had very heavy exposures, many of which were short-term speculative exposures, to emerging markets, today that certainly is not the case,” Parker said. “We don’t have that speculative overhang.”

So, what’s going to happen next? Several countries such as Brazil and Indonesia have already raised interest rates in a bid to defend their currencies, and more central banks are likely to introduce small interest rate hikes. And at some point – perhaps as soon as late October – investors are going to start realizing that there are some great buying opportunities in those economies out of which they only recently bailed. “I think investors will realize that we’re not in a situation like the 90s, and we could see a number of policy actions to encourage foreign investment in certain countries,” Parker said. “So, we could get into a situation where investors move back into emerging markets in October and pick up very cheap valuations.”

Parker said Credit Suisse itself will likely remain cautious in September, a month laced with tripwires for financial markets. The ongoing crisis in Syria, the likely beginning of a fight in the U.S. Congress over raising the federal debt limit and the Sept. 22 German elections are all major events that the markets are watching nervously. Perhaps the biggest September event is the Federal Open Market Committee meeting on September 17-18, which will be closely watched for an asset-purchase tapering announcement. But Parker said that the fact that market alreadyknows the central bank will begin tapering at some point means that the tea leaf readers are only seeking an answer to a less profound first-order derivative question—which is what the actual rate of tapering will be. Come October, Parker said, he would anticipate that Credit Suisse might begin looking at opportunities in healthier emerging market economies, including China, South Korea, Taiwan and Singapore.

Some of the biggest emerging market worry zones are in India, Indonesia, Turkey and South Africa, Parker said. Indonesia and India both suffer from high inflation, loose monetary policy and low interest rates, Credit Suisse’s currency strategists have noted, though Indonesia did raise interest rates last week. Turkey’s central bank, on the other hand, has ruled out rate hikes to try to defend the lira, which has lost 10 percent of its value since May. Credit Suisse’s currency strategists see the resistance to rate hikes as a reluctance to slow down growth, especially before elections next year. But the strategists also cautioned that Turkey only has $40 billion in net foreign exchange reserves, enough to cover just two months of imports and perhaps not enough to adequately defend the currency. South Africa, meanwhile, a country dominated by the mining industry, is experiencing labor unrest, high inflation and unemployment of 26 percent.

""""

Biz insider app

[nong38]

So, at long last its gone over 50 to the bath, wonderful news as I lay in my baht. The economic news from the UK continues to improve whilst Thailand appears to be in the doldrums, long may this trend continue and the big question on everyones lips is this .........."what part did the new alchohol tax increase play in this?"

[chiang mai]

It's a visous cycle, what goes around comes around so be very very careful what you wish for:

"The slowdown in emerging markets has forced the UK’s trade deficit to its largest level since last summer after exports to non-EU countries decreased by £2.2bn.

Seasonally adjusted, the UK’s deficit on trade in goods and services was estimated to have been £3.1bn in July, compared with a deficit of £1.3bn in June, the Office for National Statistics said.

Exports of goods to countries outside of the EU fell by £2.2bn to £11.8bn, while exports within the EU rose slightly to £13bn.

Overall, there was a deficit of £9.9bn on goods which was partly offset by an estimated surplus of £6.8bn from services.

Samuel Tombs, UK economist at Capital Economics, said the fall in exports could be a sign of things to come.

“It seems as if the slowdown in growth in emerging markets has sapped demand for UK exports - the value of goods exports to outside the EU fell by £2.2bn,” the economist said. “What’s more, the fact that many emerging market currencies have depreciated sharply since July, thus reducing the competitiveness of UK exports, suggests that further falls in exports to those regions may be in store. “As a result, today’s trade figures could be an early warning that the economy cannot depend on the strong support that it received from net trade in the first half of the year for much longer.”

Elsewhere, UK production was flat between June and July, although manufacturing rose by 0.2 per cent".

http://www.ftadviser.com/2013/09/06/investments/economic-indicators/uk-trade-deficit-widens-to-the-biggest-in-a-year-2RB7sQwtN2TvEvrBuHYzQP/article.html

Edited September 8, 2013 by chiang mai

[Huayrat]

It's a visous cycle, what goes around comes around so be very very careful what you wish for:

"The slowdown in emerging markets has forced the UKs trade deficit to its largest level since last summer after exports to non-EU countries decreased by £2.2bn.

Seasonally adjusted, the UKs deficit on trade in goods and services was estimated to have been £3.1bn in July, compared with a deficit of £1.3bn in June, the Office for National Statistics said.

Exports of goods to countries outside of the EU fell by £2.2bn to £11.8bn, while exports within the EU rose slightly to £13bn.

Overall, there was a deficit of £9.9bn on goods which was partly offset by an estimated surplus of £6.8bn from services.

Samuel Tombs, UK economist at Capital Economics, said the fall in exports could be a sign of things to come.

It seems as if the slowdown in growth in emerging markets has sapped demand for UK exports - the value of goods exports to outside the EU fell by £2.2bn, the economist said. Whats more, the fact that many emerging market currencies have depreciated sharply since July, thus reducing the competitiveness of UK exports, suggests that further falls in exports to those regions may be in store. As a result, todays trade figures could be an early warning that the economy cannot depend on the strong support that it received from net trade in the first half of the year for much longer.

Elsewhere, UK production was flat between June and July, although manufacturing rose by 0.2 per cent".

http://www.ftadviser.com/2013/09/06/investments/economic-indicators/uk-trade-deficit-widens-to-the-biggest-in-a-year-2RB7sQwtN2TvEvrBuHYzQP/article.html

He always post the negatives but doesn't post the positives so I will.. It's about time you got over this fixation about the pound collapsing.. It was 47.8 when you said it would and its now its 50.. I'm sure if you go on long enough then it will drop at sometime maybe 2 or 3 years lol