Baht suddenly jumped against sterling

[fish fingers]

Whoa, nearly a baht difference, down to 47.7 in a couple of hrs(which is big).

What happened?

Edited April 6, 2015 by fish fingers

[angiolo]

Wo is me.. I have uk pension

[Aussieroaming]

Either UK elections or because tourism is up in LOS

[willyumiii]

and to the USD?

Still 31 / 1.00

So, what is going on?

[chiang mai]

The Pound is getting weaker, down 14% against USD.

But looking at THB: I don't see that there has been any significant movement today, it looks like it's flat against GBP.

[CharlieH]

Wrong forum

MOVED to Financial

[xbusman]

Large movement today against most currencies. Something is going on.

[dave2]

re

Something is going on

its yinglucks fault

just joshin .. ill get my coat !

dave2

[MrWorldwide]

AUD ended where it started after sharp dip at midday:

http://www.xe.com/currencycharts/?from=AUD&to=THB&view=1D

GBP ended where it started after sharp dip at midday and another later in the day:

http://www.xe.com/currencycharts/?from=GBP&to=THB&view=12h

EUR ended a little above where it started at midday:

http://www.xe.com/currencycharts/?from=EUR&to=THB&view=12h

Finally, even the mighty greenback experienced similar dips to the GBP but appears to be back on par with its starting price:

http://www.xe.com/currencycharts/?from=USD&to=THB&view=12h

Pib and a few others here follow the market announcements - clearly someone made an announcement at midday and the market reacted only to pull back later in the day - it happens.

[Pib]

I see the baht very briefly appreciated against most currencies but now back to pretty much normal...probably some big trades unwinding or a technical glitch.

[Robert24]

The main move is a weak $ on the back of bad jobs data on Friday. hence $ weak, Oil, Gold and other commodities up.

[MrWorldwide]

The main move is a weak $ on the back of bad jobs data on Friday. hence $ weak, Oil, Gold and other commodities up.

OK, but that still doesnt explain the sudden drop in those other currencies at midday - perhaps the BoT did buy a few trillion baht just to see how it felt. A drop like that would have crashed straight through a lot of stops and collected some automated buy orders on the upswing - I'll leave it to Pib to fill us in on trading volumes though as the best I can manage is a few graphs from xe.com. Currency speculation is for people with much sterner constitutions than my own.

[rwdrwdrwd]

It's been doing this a lot for the last few market days, big sudden 1 - 2% jumps against all other currencies and then generally back to where it was ten minutes later, much more choppy than usual, odd patterns.

[chiang mai]

The "blip" was due to US jobs data being weaker than expected thus delaying an interest rate rise, currencies responded positively as USD weakened slightly. http://www.reuters.com/article/2015/04/06/us-markets-global-idUSKBN0MX0ZE20150406

But the more interesting news perhaps is the rate at which Asian countries are dipping into and reducing their foreign currency reserves, not just Thailand:

http://www.bloomberg.com/news/articles/2015-04-05/once-over-12-trillion-the-world-s-reserves-are-now-shrinking

[PCA]

I am always amused when released data is the excuse for misunderstandings.

In this case it is a major holiday where most markets are either closed or so illiquid that they can and do move in a very irrational way.

Stop running and easy lunch temptation for the few market makers who don't love their wives enough to restrain from work.

[pmarlin]

and to the USD?

Still 31 / 1.00

So, what is going on?

32 + to $1 and has been that way for awhile.

[Swiss1960]

slow trading on Eastern weekend is the whole "secret", thus single trades have bigger impact on exchange rate.

[chiang mai]

I've alerted Thompson/Reuters to the incompetence of their analysts, I feel certain they'll all be fired shortly. On their behalf they apologize profusely for printing misleading information!

[johnnybgood]

^

5555

About the only thing worth signing in for today.

Edited April 7, 2015 by johnnybgood

[meatboy]

baht against the pound? there has been no movement since 30th march,3,30pm.=47.96,

31st.9.30am.=47.82,11.30am.-47.69, 2nd and 3rd 47.70,and 47.77.

dont forget its been a long weekend in the uk.with easter hols.and i have always found from as far back to the earlier 80s

it always dropped on a weekend.

all above rates are TT SCB.BANK.

[Jeffrey346]

and to the USD?

Still 31 / 1.00

So, what is going on?

Where are you seeing $31. it's been $32.42 to $32.46 for days.

[jacko45k]

There was a gradual climb against the US$ then a sharp drop yesterday.

[willyumiii]

and to the USD?

Still 31 / 1.00

So, what is going on?

Where are you seeing $31. it's been $32.42 to $32.46 for days.

When I first read the OP yesterday, I just googled " baht vs usd" and it listed 31.0. ( no site name or source listed )

I just googled the same a minute ago and now it lists:

" 1 US Dollar equals

32.31 Thai Baht"

I refuse to cry over 1.31 baht!

Edited April 7, 2015 by willyumiii

[stuurman]

I'm looking on xe.com and over the last week the Baht is getting weaker against several currencies. €, Sing $, Ringgit

[meatboy]

baht against the pound? there has been no movement since 30th march,3,30pm.=47.96,

31st.9.30am.=47.82,11.30am.-47.69, 2nd and 3rd 47.70,and 47.77.

dont forget its been a long weekend in the uk.with easter hols.and i have always found from as far back to the earlier 80s

it always dropped on a weekend.

all above rates are TT SCB.BANK.

hols.over back to work, scb bank 8.16am. TT rate=47.95 to the gbp.its up,up, and --.

[Farang99]

Wo is me.. I have uk pension

Me too - and it's not a "sudden drop" £ has been declining against the baht for the last 12 months - see

www.x-rates.com/graph/?from=GBP&to=THB

Today is up slightly at 48.398

[Suradit69]

The main move is a weak $ on the back of bad jobs data on Friday. hence $ weak, Oil, Gold and other commodities up.

And most major markets were closed for a long Good Friday weekend and local markets were closed for Chakri Day so there may have been a backlog of orders that hit at one time somewhat erratically.

[Moonlover]

Wo is me.. I have uk pension

Wo is me.. I have uk pension? Oh how sad!

[calmwaters448]

The Thais are copying the Chinese and artifially inflating the baht. No logical reason the baht is still so strong.

[meatboy]

Wo is me.. I have uk pension

Me too - and it's not a "sudden drop" £ has been declining against the baht for the last 12 months - see

www.x-rates.com/graph/?from=GBP&to=THB

Today is up slightly at 48.398.

scb.bank who useually have the best TT.rate at 10.49am.=48.06.