UK pound plunges as referendum results point to EU exit

[Linzz]

Looks like I need buy a few thousand pounds then

You'd better hurry. It's already recovered nearly half the losses against the USD at this point in time

[4evermaat]

I think visa/mc rates are fixed for the day. Maybe not too late to hit atm.

[Dmaxdan]

According to the currency conversion app on my iPad, the pound is steadily rising against the baht as we speak. Two hours ago 47.30. Now (2:50pm) 48.75.

49.17 baht to the pound now(4:15pm)

[MJP]

[Gweiloman]

Looks like I need buy a few thousand pounds then

You'd better hurry. It's already recovered nearly half the losses against the USD at this point in time

it's early days yet. It could well be the BOE shoring up the pound. There is little doubt that Brexit will have an initial negative impact on the British economy in general, in the coming months and years.

[eastendanto]

The French should open the gates in Calais, as a good bye gift.

Strange comment, I thought they'd been opened for a long time....

[eastendanto]

57% of British exports go to the EU and 55% of imports come from it.

And yet, everything I buy in the UK seems to be imported from China, Asia, and Australia.

How can that be?

PS.

Tell me again what the UK exports to the EU?

There's a remarkable now tool out there. It's called google. You ask it a question or punch in a phrase like UK exports to EU and you'll get an answer. It works via something called the internet, Check it out.

The answers from Google don't appear to be truthful.

When I was about to depart from England (last month) I looked for a British flag mug to bring with me.

On the underside was stamped, 'Made in China', so I left it.

Thats because of the unilateral EEC contract that only British flag mugs can be made by China, UK has no say in origin of goods where EEC trade is concerned.... hell it's illegal in some parts of the UK to even fly the British flag without some jobsworth coming along to tell you it could be upsetting to our immigrant settlers,..... funny don't remember ever hearing about such things when all the West Indians, Irish, Bangladeshi's came over in the late 50s, 60's 70's, oh thats right we weren't in the EEC then.... lol

[Naam]

57% of British exports go to the EU and 55% of imports come from it.

And yet, everything I buy in the UK seems to be imported from China, Asia, and Australia.

How can that be?

PS.

Tell me again what the UK exports to the EU?

bitter orange marmalade (excellent quality!)

[Orac]

A tweet was just flashed up on the BBC that the UK was now no longer the 5th largest economy in the world as the drop in the exchange rate had now put us into 6th below France.

[The manic]

My condolences to the Brit expats here on the pound.

It has already started to bounce back. If not still worth the sacrifice to get the euro beuracrats of our backs - defend our borders and stop liberal commie influences. It has only gone down by one and a half baht to the pound - big deal. Many euro countries will follow us and get out.

[HappyDazed]

My condolences to the Brit expats here on the pound.

It has already started to bounce back.

It has only gone down by one and a half baht to the pound - big deal.

555 ...It's more like a 4-5 baht drop which equates to around a 10% devaluation in 24hrs ...yes, its a big deal!

Edited June 24, 2016 by HappyDazed

[ozyjon]

Wait for the knee jerk to calm down,

then run and cry like a girl.

[arithai12]

It's like winning the World Cup, but then saying oh thanks we'll collect the cup in a few months or maybe in a year.

Please, do write that Article 50 letter, and then leave as quickly and neatly as possible. EU will live without UK, UK will live without EU, but the divorce process is going to be a pain for both.

[JLCrab]

The British are frantically Googling what the E.U. is, hours after voting to leave it

June 24 at 9:55 AM

The whole world is reeling after a milestone referendum in Britain to leave the European Union. And although leaders of the campaign to exit Europe are crowing over their victory, it seems many Britons may not even know what they had actually voted for.

https://www.washingtonpost.com/news/the-switch/wp/2016/06/24/the-british-are-frantically-googling-what-the-eu-is-hours-after-voting-to-leave-it/

[jonwilly]

Well I do not know where folk were in 82 but I was in BKK and saw B22.

In 89 I had B85 from an ATM.

Think someone is playing the wrong record.

john

[Naam]

Well I do not know where folk were in 82 but I was in BKK and saw B22.

In 89 I had B85 from an ATM.

Think someone is playing the wrong record.

john

a few bottles of Singha too many can distort any tune

[Eneukman]

My condolences to the Brit expats here on the pound.

It has already started to bounce back.

It has only gone down by one and a half baht to the pound - big deal.

555 ...It's more like a 4-5 baht drop which equates to around a 10% devaluation in 24hrs ...yes, its a big deal!

Capture.JPG

A few days before the referendum, Bangkok Bank was giving the TT rate (the rate most appropriate to those of us living here and who do a bank to bank rtansfer) as being 51.68. When it became clear that the vote was going to be in favour of leaving the EU, it fell, in steps, to 46.34 before closing slightly up at 47.71. So I agree, it IS a big deal

Alan

[Khun Han]

This was a referendum 'primarily' based on fear of immigrants if we're being honest.

The 'Farage/Trumpification' pied-piper tactics appealing to the base fears and inner racists of a slight majority of simple Simon's & Sally's wins the day (but at a tremendous cost which is yet to be fully revealed and could well be a catalyst for a global contagion).

Critical separation votes such as this should require a 10% majority margin to pass lest many in the 'win' camp wake up the next day similar to the morning after being rather reckless at a heady party and realise 'oh sh|t, what have I done'....

Hasten to add, ironically the real 'winner' here in a weakened, divided and fearful western civilization is ISIS and their ilk. Congrats Farage/Trump et al.

Brilliant!!! Why didn't Cameron and his gang of scaremongers think of this one? my nomination for hyperbole post of the year, and it's only June!

[Khun Han]

My condolences to the Brit expats here on the pound.

It has already started to bounce back.

It has only gone down by one and a half baht to the pound - big deal.

555 ...It's more like a 4-5 baht drop which equates to around a 10% devaluation in 24hrs ...yes, its a big deal!

Capture.JPG

Well, is it 4bt or 5bt? Read the bloody graph you posted man.

Anyway, according to that graph, Sterling is doing what 'leave' campaigners predicted, but much more quickly: sudden drop followed by slight rally and steady, normal fluctuation. And we're still nowhere near the recession rate of 42 - 43bt of a few years ago.

[dick dasterdly]

The drop seems to be approx. 3 bht to the pound for those of us living in Thailand.

Not good news, but as Khun Han points out - it was worse a few years ago.

Edit - after the last drop a few years ago, I started using 45 bht to the pound as a rough guide when it came to calculating income requirements.

Edited June 25, 2016 by dick dasterdly

[Orac]

I would be very wary of thinking the the pound has weathered the shock of Brexit as this is just the start of a long process with many turns and twists.

It will be driven by news and events over the next few months and the chances of those being negative are certainly greater over the short term. There is already talk of cutting interest rates to zero and a revision of credit ratings plus it is not clear if the BoE blew any of its 250bn war chest on defending the pound yesterday.

On top of this there are political issues which will reflect on sentiment such as a political battle for leadership of the country along with rising voices for independence referendums in Scotland and Northern Ireland.

It also needs to be remembered that those that did vote for Brexit whose majority must now be respected also have widely differing views and on other political issues which whoever ends up as PM will need to deal with to retain support.

The crucial thing now is to get this new leadership in place and for the British people to get behind him or her to define a new vision of the UK outside of the EU and negotiate a decent divorce deal for us as this is the positive news that will provide a more stable, long term view of the future that will bolster our currency.

[HappyDazed]

My condolences to the Brit expats here on the pound.

It has already started to bounce back.

It has only gone down by one and a half baht to the pound - big deal.

555 ...It's more like a 4-5 baht drop which equates to around a 10% devaluation in 24hrs ...yes, its a big deal!

Capture.JPG

Well, is it 4bt or 5bt? Read the bloody graph you posted man.

It's neither, my hyphen designates 'a range' not an 'or' ....which is obvious to those who know how to read a simple graph properly

However, if you need just one number(albeit less accurate) that won't won't confuse your pretty little head, the drop would be 5.23528 Baht which equates to the UK pound being devalued by 11.02385% since the referendum result was announced.

Let me know if you need any further help using the internet or with high school level math and I will drop everything and come running.

Edited June 25, 2016 by HappyDazed

[HappyDazed]

The UK has had its credit rating outlook downgraded to "negative" by the ratings agency Moody's after the country voted to leave the EU.

Moody's said the result would herald "a prolonged period of uncertainty".

Moody's said the referendum result would have "negative implications for the country's medium-term growth outlook", and it lowered the UK's long term issuer and debt ratings to "negative" from "stable".

http://www.bbc.co.uk/news/uk-politics-eu-referendum-36626201

[Khun Han]

It has already started to bounce back.

It has only gone down by one and a half baht to the pound - big deal.

555 ...It's more like a 4-5 baht drop which equates to around a 10% devaluation in 24hrs ...yes, its a big deal!

Capture.JPG

Well, is it 4bt or 5bt? Read the bloody graph you posted man.

It's neither, my hyphen designates 'a range' not an 'or' ....which is obvious to those who know how to read a simple graph properly

However, if you need just one number(albeit less accurate) that won't won't confuse your pretty little head, the drop would be 5.23528 Baht which equates to the UK pound being devalued by 11.02385% since the referendum result was announced.

Let me know if you need any further help using the internet or with high school level math and I will drop everything and come running.

I want you to read the start and finish readings on the evidential graph that you provided, which would show exactly how much Sterling has fallen in the timescale shown on the graph. Or, you could even get a bit technical and provide a mean average for the time period you've provided.

What's not a good idea is to provide specific evidence, then waffle away and speculate without using that evidence correctly .

If you require any further help with unravelling your confusion, I'm here for you.

Edited June 25, 2016 by Khun Han

[Khun Han]

^I'm sorry but if you can't provide a straightforward analysis of a graph that you yourself provided, there is no helping you. But your behaviour is not unusual for the 'stay' brigade.

[Scott]

Posts that violate Fair Use Policy and replies removed.

Please only quote the first three sentences of an article and then a link to the remainder of the source.

[ilostmypassword]

There's a remarkable now tool out there. It's called google. You ask it a question or punch in a phrase like UK exports to EU and you'll get an answer. It works via something called the internet, Check it out.

And yet, everything I buy in the UK seems to be imported from China, Asia, and Australia.

How can that be?

PS.

Tell me again what the UK exports to the EU?

The answers from Google don't appear to be truthful.

When I was about to depart from England (last month) I looked for a British flag mug to bring with me.

On the underside was stamped, 'Made in China', so I left it.

Thats because of the unilateral EEC contract that only British flag mugs can be made by China, UK has no say in origin of goods where EEC trade is concerned.... hell it's illegal in some parts of the UK to even fly the British flag without some jobsworth coming along to tell you it could be upsetting to our immigrant settlers,..... funny don't remember ever hearing about such things when all the West Indians, Irish, Bangladeshi's came over in the late 50s, 60's 70's, oh thats right we weren't in the EEC then.... lol

Thats because of the unilateral EEC contract that only British flag mugs can be made by China,

Can you provide proof for that assertion. I couldn't find any. It sounds nonsensical.

[HappyDazed]

^I'm sorry but if you can't provide a straightforward analysis of a graph that you yourself provided, there is no helping you. But your behaviour is not unusual for the 'stay' brigade.

Oh dear..

I didn't provide the graph, that was the well known currency tracking website: xe.com ...which should have been obvious from my screenshot!

It's not my responsibility to analysis their graph for you because you are incapable of doing so yourself ...but, my offer still stands for "special numeracy lessons" if you are able to pay me for my time, otherwise I would consult the provider of the graph for more information, I'm sure they have a FAQ but then again they might not for something this elementary and obvious.

Also, I didn't vote in the referendum.

Edited June 25, 2016 by HappyDazed

[Khun Han]

^Yes you did provide the graph with your post. doesn't matter that you didn't author it.

I'm quite capable of analysing the graph. I was laughing at your inability to do so.

I know you didn't vote. I can tell from your spelling that you're not British. Plenty of non-Brits are members of the 'stay' brigade.

[MJP]

FT predicting parity with the Dollar . . . the Zimbabwe Dollar . . .