Thai baht dropping big time!

[chiang mai]

Well it's up against the Yen. (Bhat)

The Yen is up against the baht. When the baht drops in value against other currencies it means we get more baht. Happy days for farangs.

And it means all the imported items in the stores that so many farang seem to crave will be more expensive. If/when the baht strengthens those higher prices will probably not retreat.

It wasn't that long ago that so many farang were moaning that they would have to pack it in because of the rising baht in terms of their home currencies. It may not be the great bonanza that some seem to think, but it would probably be prudent to buy more baht now, either to store in the bank or to buy gold as its price sinks or even to stock up on some consumer goods that have a long shelf life.

These things tend to be cyclical despite the belief of some that rates only go in one direction.

Whilst it's very true, most folks wont be told on this point, once again, be careful what you wish for, sad really.

[hawker9000]

xe.com is good for normal currencies but even they say rates in Thailand may differ (The THB rate shown below is the international (off-shore) rate. Rates used within Thailand may vary) A better site for Thai Baht in Thailand is http://www.scb.co.th/scb_api/index.jsp

'Sort of comparing apples & oranges. The link is just to one thai bank's buy & sell rates ( Siam Commercial Bank). Any other thai bank's rates (Kasikorn, Thanachart, etc.) just as good. Better rates available in Thailand at small independent money changers. Point is, you're just looking at someone's buy & sell rates, which include their spread. When you're looking at XE or something similar, you're looking at the mid-market rate, i.e., the actual currency exchange rate with no spread: that's why you only see one number instead of a buy rate and a sell rate. If you're trying to track currency exchange rate trends over time, you probably get a clearer picture at XE. If you want to know what you can actually get on the street at any given time, then charts like the one linked to at SCB or some other bank, might be more helpful, as long as you understand better (and worse..) rates are actually available.

More on-topic. Baht not really dropping "big time" at all. It has been weakening gradually since the protests began, and may well continue to do so while the unrest continues during this, the beginning of the high season. But you could hardly say the bottom's exactly falling out of it. Topic title well into sensationalist territory.

Edited December 2, 2013 by hawker9000

[cooked]

That's it, let's just pray for a few brutal killings, that will put money into our pockets.

[chiang mai]

That's it, let's just pray for a few brutal killings, that will put money into our pockets.

Brutal but it does sum up the sentiment here, sad.

[FiestyFarang]

xe.com is good for normal currencies but even they say rates in Thailand may differ (The THB rate shown below is the international (off-shore) rate. Rates used within Thailand may vary) A better site for Thai Baht in Thailand is http://www.scb.co.th/scb_api/index.jsp

'Sort of comparing apples & oranges. The link is just to one thai bank's buy & sell rates ( Siam Commercial Bank). Any other thai bank's rates (Kasikorn, Thanachart, etc.) just as good. Better rates available in Thailand at small independent money changers. Point is, you're just looking at someone's buy & sell rates, which include their spread. When you're looking at XE or something similar, you're looking at the mid-market rate, i.e., the actual currency exchange rate with no spread: that's why you only see one number instead of a buy rate and a sell rate. If you're trying to track currency exchange rate trends over time, you probably get a clearer picture at XE. If you want to know what you can actually get on the street at any given time, then charts like the one linked to at SCB or some other bank, might be more helpful, as long as you understand better (and worse..) rates are actually available.

More on-topic. Baht not really dropping "big time" at all. It has been weakening gradually since the protests began, and may well continue to do so while the unrest continues during this, the beginning of the high season. But you could hardly say the bottom's exactly falling out of it. Topic title well into sensationalist territory.

I prefer to look at the actual rate available not mid-market, in addition xe states that rates in Thailand may differ. I do not bank with SCB merely picked their site being one of the largest banks in Thailand. Whenever I check which is not often between banks in Thailand the rates do not vary very much. Normally any country that has the problems Thailand currently has the currency would suffer, but as the Thai Baht is not a true freely convertible currency it cannot be traded interbank in large volumes and therefore the "traders" cannot speculate as much as say USD/GBP. Amazing Thailand,either way the Baht comes down as they will probably have to lower rates again soon given the huge damage to the economy. Many countries have already started "racing to the bottom" with their currency.

[FiestyFarang]

xe.com is good for normal currencies but even they say rates in Thailand may differ (The THB rate shown below is the international (off-shore) rate. Rates used within Thailand may vary) A better site for Thai Baht in Thailand is http://www.scb.co.th/scb_api/index.jsp

'Sort of comparing apples & oranges. The link is just to one thai bank's buy & sell rates ( Siam Commercial Bank). Any other thai bank's rates (Kasikorn, Thanachart, etc.) just as good. Better rates available in Thailand at small independent money changers. Point is, you're just looking at someone's buy & sell rates, which include their spread. When you're looking at XE or something similar, you're looking at the mid-market rate, i.e., the actual currency exchange rate with no spread: that's why you only see one number instead of a buy rate and a sell rate. If you're trying to track currency exchange rate trends over time, you probably get a clearer picture at XE. If you want to know what you can actually get on the street at any given time, then charts like the one linked to at SCB or some other bank, might be more helpful, as long as you understand better (and worse..) rates are actually available.

More on-topic. Baht not really dropping "big time" at all. It has been weakening gradually since the protests began, and may well continue to do so while the unrest continues during this, the beginning of the high season. But you could hardly say the bottom's exactly falling out of it. Topic title well into sensationalist territory.

There is no spread if you look at the buy or sell rate that is exactly what they are. I prefer to look at the actual rate available not mid-market, in addition xe states that rates in Thailand may differ. I do not bank with SCB merely picked their site being one of the largest banks in Thailand. Whenever I check which is not often between banks in Thailand the rates do not vary very much. Normally any country that has the problems Thailand currently has the currency would suffer, but as the Thai Baht is not a true freely convertible currency it cannot be traded interbank in large volumes and therefore the "traders" cannot speculate as much as say USD/GBP. Amazing Thailand,either way the Baht comes down as they will probably have to lower rates again soon given the huge damage to the economy. Many countries have already started "racing to the bottom" with their currency.

Edited December 2, 2013 by FiestyFarang

[wimtomlinson]

From what I understand about the ฿/£ exchange rate the following factors have made the £ to rise against the ฿.

Firstly UK unemployment is down to 7.6%. The Bank of England has given us the guideline that when it reaches 7% interest rates will rise.

Secondly the Bank of Thailand recently lowered interest rates to 2.25% .

Interest rates are a big factor when looking at currency strengths and weaknesses.

Those two reasons alone got the £ upto 52 ฿.

The recent troubles have had a little effect.

[Ghostnigel]

I think I'd rather have the pound stronger than weaker, and have more baht in my 'sky rocket', then I decide if I want to to buy imported goods or not, I can say I don't know anybody who wants it to stay low, all I see is happy smiles when we talk of the pound being stronger.

[chiang mai]

From what I understand about the ฿/£ exchange rate the following factors have made the £ to rise against the ฿.

Firstly UK unemployment is down to 7.6%. The Bank of England has given us the guideline that when it reaches 7% interest rates will rise.

Secondly the Bank of Thailand recently lowered interest rates to 2.25% .

Interest rates are a big factor when looking at currency strengths and weaknesses.

Those two reasons alone got the £ upto 52 ฿.

The recent troubles have had a little effect.

Pound/Baht is determined by Pound/Dollar, if the Dollar is weak then you'll get more Baht per Pound, the troubles in Bangkok and the UK unemployment rate really doesn't have much to do with the picture, the central bank lending rate and the fundamentals of the respective economies do, although excessive debt on the UK front distorts that picture currently.

[Naam]

So if you draw a straight line on the peaks, leaving out the extreme high in the center move up, that should be next resistance. I have 33 baht for the Dollar. Maybe get the miss to open an account and buy her some stock, between 1,000 and 1,200, if this doesn't end soon

my voodoo forecasting says 32.56 Baht for the Dollar... sooner or later. you draw an ellipse around the third bone on the right and then a straight line (use a ruler!) from the bottom of the ellipse to the utmost top left bone. divide the line using the Fibonacci ratio, multiply with a double doji and light a candlestick to reach the above mentioned result. then pour a single malt and sip it without any ice.

if you use ice the Baht might strengthen. you hear me!?

[wooloomooloo]

Agreed, Nigel. We're back to 'you'll pay one way or another'. Yawn.

I don't care either, I'm here on holiday and already made some significant purchases and still cheaper than the UK. Happy days.

[cooked]

So if you draw a straight line on the peaks, leaving out the extreme high in the center move up, that should be next resistance. I have 33 baht for the Dollar. Maybe get the miss to open an account and buy her some stock, between 1,000 and 1,200, if this doesn't end soon

my voodoo forecasting says 32.56 Baht for the Dollar... sooner or later. you draw an ellipse around the third bone on the right and then a straight line (use a ruler!) from the bottom of the ellipse to the utmost top left bone. divide the line using the Fibonacci ratio, multiply with a double doji and light a candlestick to reach the above mentioned result. then pour a single malt and sip it without any ice.

if you use ice the Baht might strengthen. you hear me!?

.. and don't forget to nail a chicken to your favourite ATM

[chiang mai]

Hey, I didn't raise the subject, I just said that I agreed!

It seems there's others out there who also are less concerned about how much money they can save by flying in and making money savings purchases before retreating back to the UK, such folks worry about inflation and how price increases will impact those that live here - I'm not trying to be righteous on this point but I wont see it dismissed as irrelevant and inconsequential.

[alfieconn]

From what I understand about the ฿/£ exchange rate the following factors have made the £ to rise against the ฿.

Firstly UK unemployment is down to 7.6%. The Bank of England has given us the guideline that when it reaches 7% interest rates will rise.

Secondly the Bank of Thailand recently lowered interest rates to 2.25% .

Interest rates are a big factor when looking at currency strengths and weaknesses.

Those two reasons alone got the £ upto 52 ฿.

The recent troubles have had a little effect.

Pound/Baht is determined by Pound/Dollar, if the Dollar is weak then you'll get more Baht per Pound, the troubles in Bangkok and the UK unemployment rate really doesn't have much to do with the picture, the central bank lending rate and the fundamentals of the respective economies do, although excessive debt on the UK front distorts that picture currently.

Whats the dollar got to do with the baht and pound ?

You should be saying if the Pound is strong then you'll get more Baht per Pound.

[Muhendis]

"Big time??" The OP must be the real excitable type. The baht only weakened a few pennies against the US$, normal fluctuations. Why do people use such dramatic (read inaccurate) words in their thread title?

Answer: Because they are too young to remember the exchange rate 7 years ago which was 72/£. It would be nice to see that again but not likely. The fluctuation we are currently seeing is a fairly minor event that only gets interesting if one has many, many thousands of pounds to spend on the Baht. Apologies to those whose interest is in dollars etc.

[chiang mai]

From what I understand about the ฿/£ exchange rate the following factors have made the £ to rise against the ฿.

Firstly UK unemployment is down to 7.6%. The Bank of England has given us the guideline that when it reaches 7% interest rates will rise.

Secondly the Bank of Thailand recently lowered interest rates to 2.25% .

Interest rates are a big factor when looking at currency strengths and weaknesses.

Those two reasons alone got the £ upto 52 ฿.

The recent troubles have had a little effect.

Pound/Baht is determined by Pound/Dollar, if the Dollar is weak then you'll get more Baht per Pound, the troubles in Bangkok and the UK unemployment rate really doesn't have much to do with the picture, the central bank lending rate and the fundamentals of the respective economies do, although excessive debt on the UK front distorts that picture currently.

Whats the dollar got to do with the baht and pound ?

You should be saying if the Pound is strong then you'll get more Baht per Pound.

Do your research before you shout!

The Thai Baht trades on a managed peg to the US Dollar, the relationship of THB to USD is vital in determining the value of THB.

GBP/USD trades on a fully open market basis.

Ergo, GBP/THB is determined by the value of GBP/USD, got it!

[Ulic]

I am happy for you but the Canadian dollar is falling as quickly as the Baht.

[wimtomlinson]

From what I understand about the ฿/£ exchange rate the following factors have made the £ to rise against the ฿.

Firstly UK unemployment is down to 7.6%. The Bank of England has given us the guideline that when it reaches 7% interest rates will rise.

Secondly the Bank of Thailand recently lowered interest rates to 2.25% .

Interest rates are a big factor when looking at currency strengths and weaknesses.

Those two reasons alone got the £ upto 52 ฿.

The recent troubles have had a little effect.

Pound/Baht is determined by Pound/Dollar, if the Dollar is weak then you'll get more Baht per Pound, the troubles in Bangkok and the UK unemployment rate really doesn't have much to do with the picture, the central bank lending rate and the fundamentals of the respective economies do, although excessive debt on the UK front distorts that picture currently.

I would say the UK unemployment rate is one of the fundamentals of the economy, and the central bank lending rate as the governor of the BoE has stated the the interest rate will change when unemployment rate reaches a certain level.

You will see on the XE chart that the £ increased in value when the unemployment rate was announced. Then last Wednesday it increased again when the BoT decreased interest rates.

[Benmart]

"Big time??" The OP must be the real excitable type. The baht only weakened a few pennies against the US$, normal fluctuations. Why do people use such dramatic (read inaccurate) words in their thread title?

Perhaps, It's the perception of both the poster and reader as to what constitutes "Big Time". Much like a person telling me it was "blazing hot", when I found the 37c weather very comfortable. All in perception I think.

The Big Time heading certainly encouraged me to read the post with no permanent damage to my brain matter (that wasn't there before) or my bank account.

Easy Does It.

[Huayrat]

The baht never weakened the last time it all kicked off so can't see why it would now.. Most of you are missing the strength of sterling and with an interest rise in the UK in probably January or February will only make the pound stronger

[capt_canada42]

bloody Brits and there over priced currency then they wonder why there is no work .... ah but its good for the ego worth worth more than every body .. I can remember when Canadian dollar was high and they reduced it we sold a lot more products ..

[breaker]

Exchange rate of Thai Baht to Russian Ruble still on same level as before (0.97 Thai Baht for 1 Russian Ruble). It's because Russian ruble drop against most world currencies now. Russian currency dropping now because Mr.Putin closed one of most successful banks in Russia (Master Bank) and a lot of Russian banks have problems now (they had business relations with closed bank). So, Thai Baht drop (due to political protests), but Russian ruble dropping too (due to decision of Mr.Putin about closing successful bank and stealing money of clients with deposits above 700k rubles).

[thailiketoo]

It went up one baht in five days. Wow 51.8 to 52.8 I can order an extra noodle in my soup!

Edited December 2, 2013 by thailiketoo

[wooloomooloo]

It went up one baht in five days. Wow

...or over two baht in little over two weeks.

This is big money and I don't joke.

[alfieconn]

Pound/Baht is determined by Pound/Dollar, if the Dollar is weak then you'll get more Baht per Pound, the troubles in Bangkok and the UK unemployment rate really doesn't have much to do with the picture, the central bank lending rate and the fundamentals of the respective economies do, although excessive debt on the UK front distorts that picture currently.

Whats the dollar got to do with the baht and pound ?

You should be saying if the Pound is strong then you'll get more Baht per Pound.

Do your research before you shout!

The Thai Baht trades on a managed peg to the US Dollar, the relationship of THB to USD is vital in determining the value of THB.

GBP/USD trades on a fully open market basis.

Ergo, GBP/THB is determined by the value of GBP/USD, got it!

The Thai Baht trades on a managed peg to the US Dollar

So are you saying that the USD/THB has fixed paramters that it can't move out of ? as i don't know what you mean by "managed peg"

The GBP/THB is worked on the cross between the Cable ( GBP/USD) and the USD/THB, if the dollar is weak against the pound then you would also expect to be weak against other currencies including the baht, eg. a higher cable and a lower USD/THB therefore in theory the GBP/THB wouldn't change agreat deal.

So to put it in simple terms if the cable GBP/USD is higher because of the strength of the pound then the GBP/THB would go higher but if the GBP/USD was higher because of the dollar being weaker then it wouldn't affect the GBP/THB price.

Edited December 2, 2013 by alfieconn

[lineofentry]

Last weeks interest rate cut is just filtering through the machines.

[thailiketoo]

Do your research before you shout!

The Thai Baht trades on a managed peg to the US Dollar, the relationship of THB to USD is vital in determining the value of THB.

GBP/USD trades on a fully open market basis.

Ergo, GBP/THB is determined by the value of GBP/USD, got it!

The Thai Baht trades on a managed peg to the US Dollar

So are you saying that the USD/THB has fixed paramters that it can't move out of ? as i don't know what you mean by "managed peg"

The GBP/THB is worked on the cross between the Cable ( GBP/USD) and the USD/THB, if the dollar is weak against the pound then you would also expect to be weak against other currencies including the baht, eg. a higher cable and a lower USD/THB therefore in theory the GBP/THB wouldn't change agreat deal.

It dropped the peg in 1997 I believe. But I agree one should do research preferably in the same year one is speaking of.

[Anon999]

"Big time??" The OP must be the real excitable type. The baht only weakened a few pennies against the US$, normal fluctuations. Why do people use such dramatic (read inaccurate) words in their thread title?

Since the 1st November the £ has gained 5.4% against the Baht. Looking at daily movement is not a lot of use unless you are a day trader or have time to sit and watch the markets all day.

[Naam]

just touched 53 to the £, I may do a transfer later today.

no Thai bank is offering 53! best TT rate Siam Commercial 52.65

http://bankexchangerates.daytodaydata.net/default.aspx

52.75 at Superrich.

RAZZ

have you ever transferred money to Superrich?

[Naam]

So if you draw a straight line on the peaks, leaving out the extreme high in the center move up, that should be next resistance. I have 33 baht for the Dollar. Maybe get the miss to open an account and buy her some stock, between 1,000 and 1,200, if this doesn't end soon

my voodoo forecasting says 32.56 Baht for the Dollar... sooner or later. you draw an ellipse around the third bone on the right and then a straight line (use a ruler!) from the bottom of the ellipse to the utmost top left bone. divide the line using the Fibonacci ratio, multiply with a double doji and light a candlestick to reach the above mentioned result. then pour a single malt and sip it without any ice.

if you use ice the Baht might strengthen. you hear me!?

.. and don't forget to nail a chicken to your favourite ATM

but if the chicken is not circumcised and slaughtered halal it will not work!