Pound heads sharply lower on Brexit concerns

[SheungWan]

One CNBC commentator this morning calling sterling down to $1.20 in the event of BREXIT. That should put a smile on the face of expats on UK pensions.

[billd766]

The Brexit Advisory Committee on Soi Buakaow will be spluttering over their bottles of Leo the next month or so. Life can be so unfair!

Perfect storm brewing...BELOW 1.40 IS THE TIPPING POINT. I USE TO WISH MY DOLLARS WERE EUROS AND POUNDS. The pressure is on...

Well its below $1.40 right now.

Taken from XE currency converter at 11.49 Thai time on Monday 11 April 2016

http://www.xe.com/currencyconverter/convert/?Amount=1&From=GBP&To=USD

XE Currency Converter

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1.00 GBP = 1.41409 USD British Pound ↔ US Dollar 1 GBP = 1.41409 USD 1 USD = 0.707169 GBP Convert again View Chart Mid-market rates: 2016-04-11 04:48 UTC

[Chicog]

Makes our exports cheaper.

Good news.

[SheungWan]

Makes our exports cheaper.

Good news.

Not only it is economically naive to suggest devaluation as a panacea (though about par for the course for soggy members of the left) but a thorough nonsensical suggestion for sterling income members of an expats forum such as this. Nothing less than advocating shooting at one's own foot and cheering the result in advance.

[Grouse]

Makes our exports cheaper.

Good news.

Surprising departure from your usual erudite and humorous contributions!

UK will not become more successful by devaluation. There will always be cheaper manufacturing locations

No, the German solution is far better based on technology, quality and appropriate education &a training.

In the mean time these silly people who want leave the EU are costing me money.

Do you not live here?

[nontabury]

Makes our exports cheaper.

Good news.

Surprising departure from your usual erudite and humorous contributions!

UK will not become more successful by devaluation. There will always be cheaper manufacturing locations

No, the German solution is far better based on technology, quality and appropriate education &a training.

In the mean time these silly people who want leave the EU are costing me money.

Do you not live here?

When you go to the polling station,will you be carrying a White flag?

[chiang mai]

delete

Edited April 11, 2016 by chiang mai

[SheungWan]

Makes our exports cheaper.

Good news.

Surprising departure from your usual erudite and humorous contributions!

UK will not become more successful by devaluation. There will always be cheaper manufacturing locations

No, the German solution is far better based on technology, quality and appropriate education &a training.

In the mean time these silly people who want leave the EU are costing me money.

Do you not live here?

When you go to the polling station,will you be carrying a White flag?

The guys going to the polling station and voting Out, not caring if sterling goes to $1.20 are probably those who cannot afford an expat existence anyway and are somewhat holed up in their Little England worlds. The expats in Thailand living the life will unfortunately not be able to make it to the polling booth and are certainly not going to make a special trip to do so.

[chiang mai]

This is an excellent poll of polls that tracks movement in public opinion:

https://ig.ft.com/sites/brexit-polling/

[Grouse]

That poll of polls is excellent. Thank you

The fools wanting to pull out just don't understand

I live here and it does affect me

I shall be in UK at the time of the vote and I will vote to stay

So that should swing it

[chiang mai]

It's still not too late to buy USD (against GBP) if in a position to do so, that may be a smart move anyway.

[Grouse]

It's still not too late to buy USD (against GBP) if in a position to do so, that may be a smart move anyway.

Good idea, might move GBP to USD as you suggest. I'll see what Standard Chartered Singapore are offering

[BritManToo]

Reads headline, looks at exchange rate, fearing the worst.

49.8674 same as it's been for the last couple of months.

No change, bogus headline.

Same as 2012, up from 2013, down from 2014, up from 2015.

Edited April 12, 2016 by BritManToo

[chiang mai]

Reads headline, looks at exchange rate, fearing the worst.

49.8674 same as it's been for the last couple of months.

No change, bogus headline.

Same as 2012, up from 2013, down from 2014, up from 2015.

And you'll guarantee it will remain that way? Cool!

[BritManToo]

Yep, I'll guarantee it will average 50 over the next 3 years.

As it has for the past 7 years.

[Orac]

Makes our exports cheaper.

Good news.

Surprising departure from your usual erudite and humorous contributions!

UK will not become more successful by devaluation. There will always be cheaper manufacturing locations

No, the German solution is far better based on technology, quality and appropriate education &a training.

In the mean time these silly people who want leave the EU are costing me money.

Do you not live here?

When you go to the polling station,will you be carrying a White flag?

The guys going to the polling station and voting Out, not caring if sterling goes to $1.20 are probably those who cannot afford an expat existence anyway and are somewhat holed up in their Little England worlds. The expats in Thailand living the life will unfortunately not be able to make it to the polling booth and are certainly not going to make a special trip to do so.

The govt website has an online application for postal/proxy voting which I was quite impressed with. Had to enter a few details - passport details, NI no, last address registered in UK to vote at and date of leaving UK. Got an automatic e-mail with form to fill in which can be emailed back and, the next working day, a 'personal' email from the voter registration officer for my old local council to confirm i was registered as an overseas voter and that i should email him my proxy nomination form. Since postal votes will be sent out a month before the poll I am not going to trust the Thai post office to get my ballot to me and return it in time.

https://www.gov.uk/register-to-vote

Edited April 12, 2016 by Orac

[Thongkorn]

Because The UK can not afford to leave The EU.The thinking is that if they did then Scotland would leave The UK and they are a large source of income to loose Then what industries is England left with? So dropping the value opf the pound at this time might send a signal to the big money people "not to back" leaving.

Yes once Scotland leaves then the pound will go lower and lower, but I don't think that should stop the UK from leaving the EU. It will only hit expats anyway and they seem to be all in favor for leaving the EU so they would not mind much just a small sacrifice.

It will hit hard on the people in England also as prices on commodities will be sharply up.

At least we wil not haven in asain inbreads on the streets of England . Along with murderes we cannot send home because they have human rights. Also we will save on not giving55 million a day to Country's that are determined to run us into the ground.why should a British pensioner have to chose between keeping warm in winter or eating . Because forieng country's own all the utilitys. They just skin us because of our great past. Jelousey comes to mind . I am voting out . Stand or fall at least I will be in charge of my own desteny.

[chiang mai]

Because The UK can not afford to leave The EU.The thinking is that if they did then Scotland would leave The UK and they are a large source of income to loose Then what industries is England left with? So dropping the value opf the pound at this time might send a signal to the big money people "not to back" leaving.

Yes once Scotland leaves then the pound will go lower and lower, but I don't think that should stop the UK from leaving the EU. It will only hit expats anyway and they seem to be all in favor for leaving the EU so they would not mind much just a small sacrifice.

It will hit hard on the people in England also as prices on commodities will be sharply up.

At least we wil not haven in asain inbreads on the streets of England . Along with murderes we cannot send home because they have human rights. Also we will save on not giving55 million a day to Country's that are determined to run us into the ground.why should a British pensioner have to chose between keeping warm in winter or eating . Because forieng country's own all the utilitys. They just skin us because of our great past. Jelousey comes to mind . I am voting out . Stand or fall at least I will be in charge of my own desteny.

"Stand or fall at least I will be in charge of my own desteny". And you live in Thailand!

Methinks 'tis a decision to made in the cold and sober light of day rather than through emotion.

[nontabury]

There are basically 3 factors that everybody should be taking into account.

1/ The economics. I strongly believe that it will be to the UK's advantage to be able to make our own trade deals.this coupled with the knowledge that we would no longer be burdened by red tape imposed by the Brussels bureaucrats. Then of course no longer having to pay approximately 62million gross per day to be member of this corrupt organisation.

Re sterling,who knows for sure which way it's going to go over the next 1to 2 yrs. there are those on this thread who believe the £ may deprecate and to be fair they could be right. Most government ( including EU countries)hold foreign currencies in reserve, mainly US $ and Gbp, if they do wish to scare the British electorate,easy sell their holdings in the £. That in itself would be one way to scare some people, especially those who only take the short view or are living from day to day.

2/ Uncontrolled immigration, this to me is a no brainier.

3/ The future of the U.K. Well if Britex wins,many think it will be to the advantage of the country, others think otherwise. But what if we vote to remain in, does anyone really think that the EU will stay as it is,and if not what will the future hold for our country. According to leaked reports the Eurocrats are waiting until after the referendum to surprise us with their futuristic view of the EU. Remember 1975 and how the people were deceived, will it happen again?

Fool me once,shame on you. Fool me twice, shame on me.

[oxo1947]

I don't know what all the panic is about the £ has only dropped 1bt. Peanuts against the 43

it stood at last year.

As amazing as this news may be to you fredob43-------the rest of the world (read people who live outside of the Thai beer bars) do not measure the £ against the Thai baht, when making assessments of the currency, its more measured against a basket of currency's The American $ being foremost.

Sterling GBPUSD, -2.2839% plunged to $1.4094, down 2.2% from its late Friday level of $1.4405 in New York. The slump is the biggest loss for the pound against the dollar since 2009,

[chiang mai]

These guys say BREXIT wont happen:

http://www.bloomberg.com/graphics/2016-brexit-watch/

[Grouse]

These guys say BREXIT wont happen:

http://www.bloomberg.com/graphics/2016-brexit-watch/

I read it as marginal

Dangerous even

A lot depends on that final example of sartorial elegance: Mr Jeremy Corbin. His speech today MIGHT swing the young vote at least.

[nontabury]

These guys say BREXIT wont happen:

http://www.bloomberg.com/graphics/2016-brexit-watch/

Bloomberg the same as most of the money men/organizations do not want to leave as it is benefiting them. So no change there. Edited April 14, 2016 by nontabury

[nontabury]

These guys say BREXIT wont happen:

http://www.bloomberg.com/graphics/2016-brexit-watch/

I read it as marginal

Dangerous even

A lot depends on that final example of sartorial elegance: Mr Jeremy Corbin. His speech today MIGHT swing the young vote at least.

The same principled Jeremy Corbin who throughout his political career has been one of the fiercest critic of this corrupt organisation. Yet strangely, upon becoming the leader of the Labour Party, immediately changes his stance.

[chiang mai]

These guys say BREXIT wont happen:

http://www.bloomberg.com/graphics/2016-brexit-watch/

Bloomberg the same as most of the money men/organizations do not want to leave as it is benefiting them. So no change there.

Good grief, please do everyone a favour and read up as to what Bloomberg is!

[BritManToo]

I don't know what all the panic is about the £ has only dropped 1bt. Peanuts against the 43

it stood at last year.

As amazing as this news may be to you fredob43-------the rest of the world (read people who live outside of the Thai beer bars) do not measure the £ against the Thai baht, when making assessments of the currency, its more measured against a basket of currency's The American $ being foremost.

Sterling GBPUSD, -2.2839% plunged to $1.4094, down 2.2% from its late Friday level of $1.4405 in New York. The slump is the biggest loss for the pound against the dollar since 2009,

I live in England, Thailand, France and Spain.

Don't care about the dollar, do care about the Baht and Euro.

But I keep a years worth of each currency in hand, I'm sure it'll be 55bht and E1.40 by the time I next need to change any GBP.

Edited April 14, 2016 by BritManToo

[Chivas]

Corbyn now joined the stay in brigade so highly likely now with his backing thats exactly what will happen in June

[nontabury]

Corbyn now joined the stay in brigade so highly likely now with his backing thats exactly what will happen in June

Corbyn voted against joining membership in 1975.

Corbyn voted against Maastricht treaty in 1993.

Corbyn voted against Lisbon treaty in 2008.

Corbyn still spoke against the EU in the summer of 2015.

Corbyn elected leader of the Labour Party 12th September 2015.

Corbyn immediately changes his views and now supports remaining in the EU.

[chiang mai]

Nothing really new but the part about expats is interesting:

http://www.telegraph.co.uk/money/special-reports/how-brexit-will-affect-your-money/

And a Czech diplomat makes an interesting point:

http://www.bloomberg.com/news/articles/2016-04-14/leave-backers-distorting-facts-of-huge-brexit-blow-czechs-say

Edited April 14, 2016 by chiang mai

[SheungWan]

Corbyn now joined the stay in brigade so highly likely now with his backing thats exactly what will happen in June

Corbyn voted against joining membership in 1975.

Corbyn voted against Maastricht treaty in 1993.

Corbyn voted against Lisbon treaty in 2008.

Corbyn still spoke against the EU in the summer of 2015.

Corbyn elected leader of the Labour Party 12th September 2015.

Corbyn immediately changes his views and now supports remaining in the EU.

I extremely doubt that he has changed his views. His views are so toxic that the OUT side might be thankful that he is putting a sock in it. There are two issues for Corbyn. First, he got elected as the Labour Party leader as a result of trade union support. The unions are for staying in. If Corbyn campaigns for OUT then his anchor support gets pulled. Second, if he campaigns for OUT and the vote is lost, his position as Leader is even more so much toast. As it is he will stay on the IN side but not too strongly and will essentially be ignored. His Trotskyist supporters may be for pulling out but they also have a problem coming up against the unions and they do not want to risk Jeremy getting turfed out just yet. Just as the OUT campaign threatens a 20% drop in sterling, throw in another 20% at the merest whiff of Corbyn winning a future election assuming he is still around.

Edited April 15, 2016 by SheungWan