chiang mai Posted December 4, 2013 Share Posted December 4, 2013 That's a helpful explanation, thank you. Link to comment Share on other sites More sharing options...
SheungWan Posted December 4, 2013 Share Posted December 4, 2013 was going to change 10m baht into dollars think my timing is not so good Knowing that you might have changed the baht 3 months ago then yes, but if your forward projection is 1:35 then now would be a very good time to change. If you don't then you might be nursing further wounds 3 months hence. Link to comment Share on other sites More sharing options...
chiang mai Posted December 5, 2013 Share Posted December 5, 2013 Having spent time rereading poster "steinghan's" recent post several times, I encourage him to post again with the kind of perspective that he demonstrated in post number 120, it's the level of input that I hoped we might get from some source eventually but have been unable to achieve thus far. Link to comment Share on other sites More sharing options...
chiang mai Posted December 5, 2013 Share Posted December 5, 2013 Thread started 52.8. Today 52.8 Ya baht dropping big time. Not rising either my friend - which is amazing seeing the world press today - markets not quite so sure. Even I was expecting a stronger baht by the end of play... Did not happen - closed as opened. If the political problems persist for much longer and thai economy continues to weaken and the West continues to strengthen it will bridge the gap between here and US tapering in the powers that be in the market. There was no bridge before with the change of sentiment at the fed post benny Various ifs but real ifs... If and when and possibly! Today is the Kings Birthday hence a national holiday thus your expectations could not be met, never mind, Sainsbury still wants you. Link to comment Share on other sites More sharing options...
alfieconn Posted December 5, 2013 Share Posted December 5, 2013 Let's say that the GBP/USD rate changes and for the sake of argument let's say that nothing else were traded that day. How would this effect the GBP/THB or USD/THB x-rates ? Not at all ! While THB wasn't traded that day as we have decided - and thus no x-rates involving THB changed - the GBP respectively USD would remain fixed at 1 in the mentioned pairs regardless of whatever happens to the relative strenght of GBP vs. USD. Incorrect, no1. USD/THB is not a cross rate no.2 any movement in the cable will affect the GBP/THB rate Link to comment Share on other sites More sharing options...
JetsetBkk Posted December 5, 2013 Share Posted December 5, 2013 (edited) Just hang on a bit...will hit 60=£1...VERY VERY SOON I hope not - I just transferred 12,000 quid and got about 52.5 to the pound. (Only joking - I hope it does get weaker and I'll Xfer some more ) Edit: Amazed by the speed of the SWIFT transfer - 22 hours! Edited December 5, 2013 by JetsetBkk Link to comment Share on other sites More sharing options...
alfieconn Posted December 5, 2013 Share Posted December 5, 2013 Furthermore - it isn't an ultimate truth that a globally strong GBP has more influence on the rate you get when exchanging GBP for THB than than the global strenght of USD has. It all depends. Consider the USD/THB pair: If the USD globally weakens, traders want to get rid of it which they only can do by buing the Baht meaning that the value of THB will go up whereby it becomes a bit more expensive also for Britains to buy it. Conversely, if the USD strenghtens, the THB will decrease in value and thus get a bit cheaper also for Britains. So, wether the global strenght of USD or the global strenght of GBP is the more important for the current low GBP /THB rate isn't as simple a matter as various posters attempt to explain it - we'll all need to know a lot more about the finer economical details than have been disclosed to determine that. - I for one don't have a clue about such finer details. The global strenghth of the US dollar doesn't affect the GBP/THB rate !!! plain and simple, the reason the dollar is involved is because it is used in the calculation, and that is all ! neither of the currencies are pegged to the dollar and both have free markets against the dollar, even if the baht was supported by the central bank you would still get more baht for your pound if the pound was strengthening. Link to comment Share on other sites More sharing options...
steinghan Posted December 5, 2013 Share Posted December 5, 2013 Let's say that the GBP/USD rate changes and for the sake of argument let's say that nothing else were traded that day. How would this effect the GBP/THB or USD/THB x-rates ? Not at all ! While THB wasn't traded that day as we have decided - and thus no x-rates involving THB changed - the GBP respectively USD would remain fixed at 1 in the mentioned pairs regardless of whatever happens to the relative strenght of GBP vs. USD. Incorrect, no1. USD/THB is not a cross rate no.2 any movement in the cable will affect the GBP/THB rate Ad 1) I never said it was. I think the generally accepted definion of "cross currency pairs" is: any currency pair that does not involve the USD. However, please enlighten me why you put emphasis on USD/THB not being a cross pair while GBP/THB is? - It is up to the individual broker which cross pairs he'll provide quotes in so in case your broker provides both of the mentioned pairs you can trade both in the same manner. Only difference is that the spread usually is larger on the crosspair but if we are talking large momentum per trade that isn't much of an issue. Ad 2) Which came first - the chicken or the egg? - The spread on GBP/THB will change. The rate will only change to the extent that the GBP/THB pair is traded and depend on how much and in which direction it is traded. This latter will of cource depend on how the global value of GBP was effected by the movements in GBP/USD. Link to comment Share on other sites More sharing options...
steinghan Posted December 5, 2013 Share Posted December 5, 2013 Furthermore - it isn't an ultimate truth that a globally strong GBP has more influence on the rate you get when exchanging GBP for THB than than the global strenght of USD has. It all depends. Consider the USD/THB pair: If the USD globally weakens, traders want to get rid of it which they only can do by buing the Baht meaning that the value of THB will go up whereby it becomes a bit more expensive also for Britains to buy it. Conversely, if the USD strenghtens, the THB will decrease in value and thus get a bit cheaper also for Britains. So, wether the global strenght of USD or the global strenght of GBP is the more important for the current low GBP /THB rate isn't as simple a matter as various posters attempt to explain it - we'll all need to know a lot more about the finer economical details than have been disclosed to determine that. - I for one don't have a clue about such finer details. The global strenghth of the US dollar doesn't affect the GBP/THB rate !!! plain and simple, the reason the dollar is involved is because it is used in the calculation, and that is all ! neither of the currencies are pegged to the dollar and both have free markets against the dollar, even if the baht was supported by the central bank you would still get more baht for your pound if the pound was strengthening. Could you please make up your own mind whether or not you believe the global value of USD effects the GBP/THB rate ? - In your last post you solemnly did swear - I qoute: "any movement in the cable will affect the GBP/THB rate". - Hopefully, you don't believe that the global strenght of USD never effects the cable (GBP/USD) rate? Link to comment Share on other sites More sharing options...
chiang mai Posted December 5, 2013 Share Posted December 5, 2013 A link that might help explain this conversation to people who are following it and trying to learn and understand the subject matter, the issue being currency pairs vs exotics: http://www.easy-forex.com/int/exoticcurrencies/ Link to comment Share on other sites More sharing options...
JimGant Posted December 5, 2013 Share Posted December 5, 2013 Excellent example of what all this jabber is about: https://www.mastercard.com/global/currencyconversion/index.html That's the MasterCard FX rate table, and can best explain cross rates with real examples: Enter GBP as base currency for 4 Dec. The resulting numbers are:1.6376 for USDs, and 52.293 for THB. Divide these numbers to arrive at 31.933 (1/.031316). Now, plug in USD as base currency, and ipso facto, you find that the USD fetches 31.933 baht -- exactly what the MC table presents for the GBP/THB. Thus, you need to pass thru New York from the Old World to receive your baht. Same for the Visa table http://usa.visa.com/personal/using_visa/consumer_ex_rates_us.jsp Use the Visa Europe option. Numbers for 4 Dec: 1.6341; 52.4219; and 32.08 Same 'passing thru NY' required. Interestingly, as has been discussed often on other threads, Visa gives a better rate than MC for FX to baht when we look at USD plastic transactions. But this same USD/THB advantage for Visa also works for Europe plastic (compare 31.933 with 32.08, above) on many occasions, because of the 'passing thru NY' cross rates -- even tho' in the above example, the GBP fetches 1.6376 dollars using MasterCard -- but only 1.6341 dollars with Visa (and why we see on travel blogs that MC is better than Visa for Old World/New World transactions). Ain't rocket science -- just basic math, and a look at how cross trading works. Link to comment Share on other sites More sharing options...
Naam Posted December 6, 2013 Share Posted December 6, 2013 Just hang on a bit...will hit 60=£1...VERY VERY SOON I hope not - I just transferred 12,000 quid and got about 52.5 to the pound. (Only joking - I hope it does get weaker and I'll Xfer some more ) Edit: Amazed by the speed of the SWIFT transfer - 22 hours! when i was living in the U.S. i received "same day" SWIFT transfers from my bank in Singapore. Link to comment Share on other sites More sharing options...
Gsxrnz Posted December 6, 2013 Share Posted December 6, 2013 Just hang on a bit...will hit 60=£1...VERY VERY SOON I hope not - I just transferred 12,000 quid and got about 52.5 to the pound. (Only joking - I hope it does get weaker and I'll Xfer some more ) Edit: Amazed by the speed of the SWIFT transfer - 22 hours! when i was living in the U.S. i received "same day" SWIFT transfers from my bank in Singapore. I can do a little better. On Monday I emailed my bank in NZ with an IMT request at 8am Thai time. Got a phone call from them confirming the request (normal checking procedure) at 8:30am. Was driving to golf at 9:12am and got a confirmation sms from Kbank that the money was in the bank. One hour and 12 minutes from start to finish but that's the fastest ever. I guess the 6 hour time differential is advantageous, but to be fair I nearly always get the cash the same day as long as I get my request to NZ before 3pm NZ time, being 9am Thai time. That gives Kbank nearly a whole business day to process. Link to comment Share on other sites More sharing options...
alfieconn Posted December 6, 2013 Share Posted December 6, 2013 Let's say that the GBP/USD rate changes and for the sake of argument let's say that nothing else were traded that day. How would this effect the GBP/THB or USD/THB x-rates ? Not at all ! While THB wasn't traded that day as we have decided - and thus no x-rates involving THB changed - the GBP respectively USD would remain fixed at 1 in the mentioned pairs regardless of whatever happens to the relative strenght of GBP vs. USD. Incorrect, no1. USD/THB is not a cross rate no.2 any movement in the cable will affect the GBP/THB rate Ad 1) I never said it was. I think the generally accepted definion of "cross currency pairs" is: any currency pair that does not involve the USD. However, please enlighten me why you put emphasis on USD/THB not being a cross pair while GBP/THB is? - It is up to the individual broker which cross pairs he'll provide quotes in so in case your broker provides both of the mentioned pairs you can trade both in the same manner. Only difference is that the spread usually is larger on the crosspair but if we are talking large momentum per trade that isn't much of an issue. Ad 2) Which came first - the chicken or the egg? - The spread on GBP/THB will change. The rate will only change to the extent that the GBP/THB pair is traded and depend on how much and in which direction it is traded. This latter will of cource depend on how the global value of GBP was effected by the movements in GBP/USD. I didn't put an emphasis on it but just pointed it out to you ! A cross rate is a rate that that is calculated from 2 rates I.E. GBP/USD and USD/THB and gives you a GBP/THB rate ! The spread on GBP/THB will change - incorrect The rate will only change to the extent that the GBP/THB pair is traded and depend on how much and in which direction it is traded - incorrect Link to comment Share on other sites More sharing options...
JetsetBkk Posted December 6, 2013 Share Posted December 6, 2013 I can do a little better. On Monday I emailed my bank in NZ with an IMT request at 8am Thai time. Got a phone call from them confirming the request (normal checking procedure) at 8:30am. Was driving to golf at 9:12am and got a confirmation sms from Kbank that the money was in the bank. One hour and 12 minutes from start to finish but that's the fastest ever. I guess the 6 hour time differential is advantageous, but to be fair I nearly always get the cash the same day as long as I get my request to NZ before 3pm NZ time, being 9am Thai time. That gives Kbank nearly a whole business day to process. Amazing! I always chuckle at the T's & C's for SWIFT transfers at Nationwide: "For India, transfers can take up to three months..." Link to comment Share on other sites More sharing options...
Naam Posted December 6, 2013 Share Posted December 6, 2013 Just hang on a bit...will hit 60=£1...VERY VERY SOON I hope not - I just transferred 12,000 quid and got about 52.5 to the pound. (Only joking - I hope it does get weaker and I'll Xfer some more ) Edit: Amazed by the speed of the SWIFT transfer - 22 hours! when i was living in the U.S. i received "same day" SWIFT transfers from my bank in Singapore. I can do a little better. On Monday I emailed my bank in NZ with an IMT request at 8am Thai time. Got a phone call from them confirming the request (normal checking procedure) at 8:30am. Was driving to golf at 9:12am and got a confirmation sms from Kbank that the money was in the bank. One hour and 12 minutes from start to finish but that's the fastest ever. I guess the 6 hour time differential is advantageous, but to be fair I nearly always get the cash the same day as long as I get my request to NZ before 3pm NZ time, being 9am Thai time. That gives Kbank nearly a whole business day to process. in my case time difference 12 hours (Singapore / U.S.) did the trick. Europe / Florida 6 hours difference "same day" too. Link to comment Share on other sites More sharing options...
Naam Posted December 6, 2013 Share Posted December 6, 2013 I can do a little better. On Monday I emailed my bank in NZ with an IMT request at 8am Thai time. Got a phone call from them confirming the request (normal checking procedure) at 8:30am. Was driving to golf at 9:12am and got a confirmation sms from Kbank that the money was in the bank. One hour and 12 minutes from start to finish but that's the fastest ever. I guess the 6 hour time differential is advantageous, but to be fair I nearly always get the cash the same day as long as I get my request to NZ before 3pm NZ time, being 9am Thai time. That gives Kbank nearly a whole business day to process. Amazing! I always chuckle at the T's & C's for SWIFT transfers at Nationwide: "For India, transfers can take up to three months..." based on the information from a friend who lives in the UK "Nationwide" is not a bank but a disease Link to comment Share on other sites More sharing options...
Gonsalviz Posted December 6, 2013 Share Posted December 6, 2013 And the USD is gaining. Double good for me. Link to comment Share on other sites More sharing options...
chiang mai Posted December 6, 2013 Share Posted December 6, 2013 Indeed Nationwide is not a bank, it's a Building Society.(or a mutual for our transatlantic cousins). Link to comment Share on other sites More sharing options...
i claudius Posted December 6, 2013 Share Posted December 6, 2013 Indeed Nationwide is not a bank, it's a Building Society.(or a mutual for our transatlantic cousins). Well it pretends to be ,but these days its just a bank in disguise. Link to comment Share on other sites More sharing options...
JetsetBkk Posted December 6, 2013 Share Posted December 6, 2013 in my case time difference 12 hours (Singapore / U.S.) did the trick. Europe / Florida 6 hours difference "same day" too. My time calculation was simple: I clicked on the SWIFT form "Send" button at 4pm on Tuesday and got the "account credit" SMS at 2pm on Wednesday. based on the information from a friend who lives in the UK "Nationwide" is not a bank but a disease Sounds like he had a little problem with 'em! I've been lucky. So far. Link to comment Share on other sites More sharing options...
rockderk Posted January 18, 2014 Share Posted January 18, 2014 Why is the baht so stable last few days should be the question. Baht should be dropping like a stone with USD appreciating across the board. Link to comment Share on other sites More sharing options...
SheungWan Posted January 18, 2014 Share Posted January 18, 2014 Indeed Nationwide is not a bank, it's a Building Society.(or a mutual for our transatlantic cousins). Well it pretends to be ,but these days its just a bank in disguise. Or actually a building society disguised as a bank. Link to comment Share on other sites More sharing options...
SheungWan Posted January 18, 2014 Share Posted January 18, 2014 Why is the baht so stable last few days should be the question. Baht should be dropping like a stone with USD appreciating across the board. The market price can anticipate expected events ie be baked in in advance, so unless events over the last few days deteriorated more than anticipated, then it is possible for the baht to have stabilised or even rebound. Link to comment Share on other sites More sharing options...
FiftyTwo Posted January 24, 2014 Share Posted January 24, 2014 New high today, 54.7 to the GBP ...... best rate for 5 years. Link to comment Share on other sites More sharing options...
i claudius Posted January 24, 2014 Share Posted January 24, 2014 New high today, 54.7 to the GBP ...... best rate for 5 years. thats about what i just got ,but thai visa chart is lower than yesterday 54.37 do keep up TV. Link to comment Share on other sites More sharing options...
Naam Posted January 24, 2014 Share Posted January 24, 2014 New high today, 54.7 to the GBP ...... best rate for 5 years. thats about what i just got ,but thai visa chart is lower than yesterday 54.37 do keep up TV. will you hate me if i claim Thaivisa is correct? http://bankexchangerates.daytodaydata.net/default.aspx Link to comment Share on other sites More sharing options...
Naam Posted January 24, 2014 Share Posted January 24, 2014 Europe trading Thai time 20.27 (three minutes ago): Link to comment Share on other sites More sharing options...
FiftyTwo Posted January 24, 2014 Share Posted January 24, 2014 Europe trading Thai time 20.27 (three minutes ago): THB Europe.jpg GBP always drops on a Friday afternoon. Next week GBP will continue it's rise. Link to comment Share on other sites More sharing options...
chiang mai Posted January 24, 2014 Share Posted January 24, 2014 Europe trading Thai time 20.27 (three minutes ago): THB Europe.jpg GBP always drops on a Friday afternoon. Next week GBP will continue it's rise. Link to comment Share on other sites More sharing options...
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