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Thb - Gbp All Time Low In Paypal !

thatguyagain
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theoldgit Star Member

theoldgit

Posted
Posted

People used to ask whether we'd ever see 70 again, now they ask about 50, not good. But I agree, it will be quite some time before we see decent numbers again, in fact I think it's going to get a lot worse beforehand.

That's certainly what the British media are saying, the GBP is falling against just about every major currency and they say it has further to fall.

I'm not an expert on these matters but I don't know what would happen if the UK lost it's AAA Credit Rating.

Nearly everytime I bump into a Brit I know , many of whom are on fixed incomes, the opening gambit is "what about the bloody Pound then"?

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chiang mai Star Member

chiang mai

Posted
Posted

People used to ask whether we'd ever see 70 again, now they ask about 50, not good. But I agree, it will be quite some time before we see decent numbers again, in fact I think it's going to get a lot worse beforehand.

That's certainly what the British media are saying, the GBP is falling against just about every major currency and they say it has further to fall.

I'm not an expert on these matters but I don't know what would happen if the UK lost it's AAA Credit Rating.

Nearly everytime I bump into a Brit I know , many of whom are on fixed incomes, the opening gambit is "what about the bloody Pound then"?

And I'm no expert either but I do read a lot on the subject, the view I support is that if the markets don't drive the value of the Pound down to the right level, the government will devalue it, the only question that remains is, what is the right level.

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wordchild Gold Member

wordchild

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Posted

throughout most of the 1980,s and early 1990,s the pound/baht traded in the 40,s most of the time, even dipping down to the low 30,s for a period. The halcyon days of 60+ were from an unusual period of pound overvaluation and baht undervaluation they aint comming back. having said all that the whole world seems to have turned anti-pound and it may be due, at least a technical bounce back toward 50, just an opinion obviously!

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chiang mai Star Member

chiang mai

Posted
Posted

Wait a a minute, what happened here, ten years ago all the Brit retirees were Baht millionaires many times over and the Eastern Europeans were selling The Big Issue on the streets of London. Today, the Brits are selling the Big Issue on the streets of Thailand and the East Europeans are living in 1+mill. house on government benefits in Notting Hill, I feel certain I must have joined the wrong queue.

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wordchild Gold Member

wordchild

Posted
Posted (edited)

no short term bounce so far (got that one wrong), in fact sterling has just taken another lurch downward (after MPC minutes) 1.53 against the dollar and currently trading around 45.6 (vs baht) in the forex mkt, sorry guys

Edited by wordchild
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draftvader Platinum Member

draftvader

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This is good news for some of us who are earning here but planning to return to the UK eventually. We were going to send some savings back, but I think we might wait a little longer to see whether Merv wants to do us another favour. 11% growth on our savings in 1 month....don't think I've ever seen that before.

I remember when the £ dropped from the 70 region and we were still living here on GBP. We got lucky and reshaped our earnings. Might start looking for more contracts in Thailand if this carries on! Maybe we'll be staying here for a little longer than we thought! Oh well, I can think of far worse fates ;)

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draftvader Platinum Member

draftvader

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I've just read on Yahoo news some Financial Expert predicting a 30/40 % further devaluation in Sterling soon, due to Mervyn King wanting more Quantitative Easing.

I would be very interested in reading this article if you could find the link. Thank you for whatever you can dig up.

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IMA_FARANG Ruby Member

IMA_FARANG

Posted
Posted (edited)

50 baht to the pound?

Frankly I doubt it,. maybe back to 47 and/or 48 somerime in the fuure.

But then, the Thai government does have a remarkable ability to do something really stupid and self-destruct it's exchange rate.

Somerhing like another military coup and the Thai Army fighting pitched gun battles with Red Shirts in the streets of Bangkok

Or like big brother Thaksin leading a mob of several thousand armed Red Shirt supporters down from the North to take Bangkok and declare himself "Fhe People's Prime Minister".

But I doubt even he is that stupid.In addition he doesn't appear to have that kind of courage.

Still, we can live in hope.

All I want to see is the rate back above 30 Baht to one dollar.

By the way, many years ago in 1978 and 1979 the first time I briefly came to Thailand the rate was 25 Baht to one dollar.

And I can remenber when the Dollar to Pound rate was briefly $1.10 (one dollar and ten cents bought a pound for a few days).... people were talking a $1.00 pound.

But the U.S. government managed to <deleted>> that up.

Based on that experience I have a great belief on the power of governments, all over the world, to scr-w things up.

Edited by IMA_FARANG
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chiang mai Star Member

chiang mai

Posted
Posted

50 baht to the pound?

Frankly I doubt it,. maybe back to 47 and/or 48 somerime in the fuure.

But then, the Thai government does have a remarkable ability to do something really stupid and self-destruct it's exchange rate.

Somerhing like another military coup and the Thai Army fighting pitched gun battles with Red Shirts in the streets of Bangkok

Or like big brother Thaksin leading a mob of several thousand armed Red Shirt supporters down from the North to take Bangkok and declare himself "Fhe People's Prime Minister".

But I doubt even he is that stupid.In addition he doesn't appear to have that kind of courage.

Still, we can live in hope.

All I want to see is the rate back above 30 Baht to one dollar.

By the way, many years ago in 1978 and 1979 the first time I briefly came to Thailand the rate was 25 Baht to one dollar.

And I can remenber when the Dollar to Pound rate was briefly $1.10 (one dollar and ten cents bought a pound for a few days).... people were talking a $1.00 pound.

But the U.S. government managed to <deleted>> that up.

Based on that experience I have a great belief on the power of governments, all over the world, to scr-w things up.

coffee1.gif

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Naam Star Member

Naam

Posted
Posted

50 baht to the pound?

Frankly I doubt it,. maybe back to 47 and/or 48 somerime in the fuure.

But then, the Thai government does have a remarkable ability to do something really stupid and self-destruct it's exchange rate.

Somerhing like another military coup and the Thai Army fighting pitched gun battles with Red Shirts in the streets of Bangkok

Or like big brother Thaksin leading a mob of several thousand armed Red Shirt supporters down from the North to take Bangkok and declare himself "Fhe People's Prime Minister".

But I doubt even he is that stupid.In addition he doesn't appear to have that kind of courage.

Still, we can live in hope.

All I want to see is the rate back above 30 Baht to one dollar.

By the way, many years ago in 1978 and 1979 the first time I briefly came to Thailand the rate was 25 Baht to one dollar.

And I can remenber when the Dollar to Pound rate was briefly $1.10 (one dollar and ten cents bought a pound for a few days).... people were talking a $1.00 pound.

But the U.S. government managed to <deleted>> that up.

Based on that experience I have a great belief on the power of governments, all over the world, to scr-w things up.

By the way, many years ago in 1978 and 1979 the first time I briefly came to Thailand the rate was 25 Baht to one dollar.

in these years one Dollar bought 20 Baht. the peg at 25 Baht was from 1985 till mid 1997.

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mommysboy Ruby Member

mommysboy

Posted
Posted

I've just read on Yahoo news some Financial Expert predicting a 30/40 % further devaluation in Sterling soon, due to Mervyn King wanting more Quantitative Easing.

Oh really! that'll be on top of the 30% or so it has already lost against the baht then!

Some expert!

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mommysboy Ruby Member

mommysboy

Posted
Posted

This is good news for some of us who are earning here but planning to return to the UK eventually. We were going to send some savings back, but I think we might wait a little longer to see whether Merv wants to do us another favour. 11% growth on our savings in 1 month....don't think I've ever seen that before.

I remember when the £ dropped from the 70 region and we were still living here on GBP. We got lucky and reshaped our earnings. Might start looking for more contracts in Thailand if this carries on! Maybe we'll be staying here for a little longer than we thought! Oh well, I can think of far worse fates ;)

Yup- well that's the plan you see. Rebalancing the UK economy towards manuafacturing and exports. Good luck, remember you are fighting for Blitey.

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draftvader Platinum Member

draftvader

Posted
Posted

This is good news for some of us who are earning here but planning to return to the UK eventually. We were going to send some savings back, but I think we might wait a little longer to see whether Merv wants to do us another favour. 11% growth on our savings in 1 month....don't think I've ever seen that before.

I remember when the £ dropped from the 70 region and we were still living here on GBP. We got lucky and reshaped our earnings. Might start looking for more contracts in Thailand if this carries on! Maybe we'll be staying here for a little longer than we thought! Oh well, I can think of far worse fates wink.png

Yup- well that's the plan you see. Rebalancing the UK economy towards manuafacturing and exports. Good luck, remember you are fighting for Blitey.

Exactly. I think the GBP will stay low for the foreseeable future whilst the UK rebuilds its economy. The UK is far from dead, but it has lost its economic significance in the world. This process has been a long time in the making and was really given a jolt by Mr Brown. It is going to be a tough couple of years for the UK, but this will bring jobs. OK, they might not be the jobs the young people in the UK want, but they are jobs nonetheless.

For all the negativity I hear I also hear plenty of success stories. I deal exclusively with small businesses providing sales consulting and marketing solutions. There is growth in small businesses in the UK, but that doesn't matter to the FTSE because they're all LTD. I have no dreams of being MASSIVELY rich so I'll continue to help a number of small, interesting, businesses to grow and pay my tax in the UK whilst my wife continues to earn THB here as a teacher and we send back money every month at increasing values.

A few years from now when we have taken advantage of the low pound and things start to change again we'll see how we feel. Maybe the UK or maybe another country where we can do the same....though we have our little girl to think of and the free education in England can surpass some international schools so....

For now...thanks Merv.

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davejones Gold Member

davejones

Posted
Posted

No hope whatsoever of the GBP getting back above 50 baht this year. UK government want a weaker GBP, so there isn't anyone around to support it. Currency traders know that they can drive it down, and there is no risk of the government stepping in to stop the fun. The UK seems a bit doomed at the moment. But a weakened GBP will bring foreign property investors flooding into central London property, so there should be some hefty gains there. If the GBP dropped 30%, then central London property would be up 30%, as people take advantage of a chance to get into the market. They will make a killing when the GB rebounds in later years.

But for many UK expats here, it looks like it could be time to head home. So there may also be some cheap condos on the market from distressed Brit sellers.

It's all over for the GBP for the foreseeable future. Will pick up eventually, but not for a couple of years at least.

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