British pound falls further in Asian trading on Monday

[webfact]

Pound falls further in Asian trading on Monday

LONDON: -- The pound has fallen sharply in trading in Asia on Monday, adding to Friday's record one-day decline.

Sterling was trading at $1.3365, down almost 3% from Friday's close. Against the euro it was trading at €1.2147, down 1.4%.

On Friday the pound had its biggest one-day fall against the dollar, at one stage sinking as low as $1.3236.

George Osborne will issue a statement before the start of trading in the UK in a bid to calm the markets.

Full story: http://www.bbc.com/news/business-36636853

-- BBC 2016-06-27

[mommysboy]

It is one of the prices that has to be paid for independence. There will be further strife too. It does make UK a very attractive place to invest in, and buy things from. Us expats will suffer greatly. Unfortunately, there are no guarantees in life. EU took no notice of UK's dire warnings regarding the single currency, fiscal policy, and insane open borders policy. Blame them!

If Article 50 does ever get enacted. Then a swift break, with no concessions either side is best.

(By the way, I wanted to stay in EU, so don't call me a Brexiter, just a paragmatist.)

[elgordo38]

Welcome to the expat club of decreasing currencies. Our home countries never take us into consideration when making these decisions. Its all about how to appease big business. Big business moans and groans and the central bank comes riding to their rescue never ours. I have been hit by a depreciating currency savings that the bank wants me to pay THEM interest rates to store and at the end of the year the COLA system burps out a little hot air and produces nothing. We have been marginalized and served up on the alter of corporate greed. What a sad ending and reward for decades of labor and paying taxes

[dick dasterdly]

Looking at sterling/baht rates - sterling has depreciated by nearly 1 bht from Friday closing rates.

[mommysboy]

Looking at sterling/baht rates - sterling has depreciated by nearly 1 bht from Friday closing rates.

That's good.

[JSixpack]

Welcome to the expat club of decreasing currencies.

No, merely a whingeing branch of the expat club. USD rose nicely over the past week.

Our home countries never take us into consideration when making these decisions.

Why should they? You ain't important. Surprise! But they took you into consideration by teaching the nanny-state economics that left you unable to take care of yourself comfortably via your own investments.

Its all about how to appease big business.

Wrong. Big business was mostly against Brexit:

Ahead of ‘Brexit’ Poll, Big Businesses Redouble Efforts for a ‘Remain’ Vote

What it's really about is your daily moans and groans. If it's not about the gummit, it's about Big Business.

What a sad ending and reward for decades of labor and paying taxes

But hardly unexpected, really, for just laboring and paying taxes. Cheer up: the pound may well become stronger than ever--if you live that long.

[Guest]

GBP-THB

http://www.marketwatch.com/investing/currency/GBPTHB/charts?ma=1&maval=50&uf=7168&lf=1&lf2=4&lf3=0&type=2&size=2&state=8&sid=0&style=1013&time=3&freq=7&startdate=1%2F4%2F1999&enddate=6%2F27%2F2016&height=444&widht=579&random=1717968842&arrowdates=0

[MJP]

We need a poll.

In the next month, will the Pound reach parity with:

A. The US Dollar?

B. The Canadian Dollar?

C. The Zimbabwe Dollar?

Pick your parity!

[MJP]

.

Edited June 27, 2016 by MJP

[HappyDazed]

Looking at sterling/baht rates - sterling has depreciated by nearly 1 bht from Friday closing rates.

That's good.

1 bht since Friday is a 2% devaluation in as many days.

Since Thursday it's 5.87 baht which is a 12.4% devaluation in the space of 4 days.

Still good?

[Guest]

I guess the Sterling will bounce back a bit as now everything on UK online shops are 10% cheaper. The old VAT / customs rules are till in place, so it's easy for Europeans to buy things from UK.

Once the imported stocks are depleted, items are 10% more expensive.

If someday there will be customs between UK and Europe, it's more convenient for Europeans to buy things inside of the EU.

[OMGImInPattaya]

Welcome to the expat club of decreasing currencies. Our home countries never take us into consideration when making these decisions. Its all about how to appease big business. Big business moans and groans and the central bank comes riding to their rescue never ours. I have been hit by a depreciating currency savings that the bank wants me to pay THEM interest rates to store and at the end of the year the COLA system burps out a little hot air and produces nothing. We have been marginalized and served up on the alter of corporate greed. What a sad ending and reward for decades of labor and paying taxes

US$ is up...don't ever bet against Uncle Sam ?

[OMGImInPattaya]

Looking at sterling/baht rates - sterling has depreciated by nearly 1 bht from Friday closing rates.

That's good.

1 bht since Friday is a 2% devaluation in as many days.

Since Thursday it's 5.87 baht which is a 12.4% devaluation in the space of 4 days.

Still good?

Brits who have retirement extensions coming up soon are in a pickle. Too bad they're not American...easy to fudge the figures.

[happy Joe]

US$ is up...don't ever bet against Uncle Sam ?

Owl ! It will sell more Airbus

[OMGImInPattaya]

US$ is up...don't ever bet against Uncle Sam ?

Owl ! It will sell more Airbus

Both order books are pretty full...I wouldn't be too worried for either.

[slipperylobster]

Yeeehaw.

I'm a gonna pack my bags and head on out to England!

(might get cheaper than Thailand)

[HappyDazed]

Pound hits new 31-year low, as Brexit fears grip markets

Edited June 27, 2016 by HappyDazed

[mcfish]

In around 6 months to one year should be able to trade this currency with shells and beads

[Rancid]

In other Pound news seems Sorus was long the pound, apparently lost big time. Might explain why he was out with the fear campaign pushing for Stay, also seems many of the rich have also lost quite a bit of money in the trade that didn't happen. Bloody serfs going against the establishment recommendation, look what they've gone and done.

Not sure if Osbourne coming out and saying he's in no rush (surprise) to trigger Article 50 had any effect.

[OMGImInPattaya]

Pound hits new 31-year low, as Brexit fears grip markets

And if it closes down 1/100 of a pence tomorrow, that would be another 31-year low. It's easy to play that semantic game but doesn't really tell you anything.

[ilostmypassword]

In other Pound news seems Sorus was long the pound, apparently lost big time. Might explain why he was out with the fear campaign pushing for Stay, also seems many of the rich have also lost quite a bit of money in the trade that didn't happen. Bloody serfs going against the establishment recommendation, look what they've gone and done.

Not sure if Osbourne coming out and saying he's in no rush (surprise) to trigger Article 50 had any effect.

On the other hand, Soros has been long on gold for the past year or so. So who knows where he comes out on this?

[JSixpack]

Our home countries never take us into consideration when making these decisions. Its all about how to appease big business.

But Brexit is a result of a popular referendum: the people decided, not the government or big business. The LEAVEs cared not a whit about appeasing big business. Laughable idea, that.

Moreover, local residents will suffer higher prices for imported goods as well--for a time at least. Not to mention losses in the share markets etc.

But perhaps the LEAVEs took US expats into consideration. Thank you! I'll have more baht, visit the UK on the cheap, and look for certain UK products to be cheaper to buy. Not here, probably, but in the USA and in other freer markets.

[dunroaming]

The pound will fluctuate for quite a while. Lets see where it is in six months time. Notice all the right wing nut jobs are out on the streets beating up the European immigrants and writing slogans telling them to go home. Clearly they fail to understand what has happened. Anyone who is now in the UK from the EU countries have had their status gauranteed and are here to stay. That was confirmed by Boris Johnson today. As for the mobs also attacking the Mosques, well it just shows exactly who they are.

I am sure Farage is proud of his thugs

[Gweiloman]

Our home countries never take us into consideration when making these decisions. Its all about how to appease big business.

But Brexit is a result of a popular referendum: the people decided, not the government or big business. The LEAVEs cared not a whit about appeasing big business. Laughable idea, that.

Moreover, local residents will suffer higher prices for imported goods as well--for a time at least. Not to mention losses in the share markets etc.

But perhaps the LEAVEs took US expats into consideration. Thank you! I'll have more baht, visit the UK on the cheap, and look for certain UK products to be cheaper to buy. Not here, probably, but in the USA and in other freer markets.

I don't think the LEAVE's gave a flying t**s about US expats, to be honest.

As to local residents suffering higher prices for imported goods, I doubt very much also that most of the LEAVE's buy a lot of it anyway, compared to the remainers (going by the analysis of the voting patterns).

A lower pound sterling will definitely help British exports - personally, I'm hoping for JW Black to get back down to Thb 1,200 per bottle in 7/11.

As for losses in the stock markets, prices go up as well as down - first rule of investing in the market.

What I don't get from your post is how a drop in the pound sterling enables you to get more baht?????

[HappyDazed]

Pound hits new 31-year low, as Brexit fears grip markets

And if it closes down 1/100 of a pence tomorrow, that would be another 31-year low.

Correct! ...but no rational person would use such a narrow timeline!

It's easy to play that semantic game...

You are the only one playing semantics ...the actual facts are the pound has devalued to a 31 year low in the space of 3-4 days!

....but doesn't really tell you anything.

Only if you have your head up your ass on the facts of the matter!

Edited June 27, 2016 by HappyDazed

[Andaman Al]

I knew there was method in my madness for invoicing everyone in USD .............wahoo! And the lovely old Bangkok Bank gave me a USD account no problems.

The pound will be back up soon and will climb way above 52. Just watch!

[Gweiloman]

I knew there was method in my madness for invoicing everyone in USD .............wahoo! And the lovely old Bangkok Bank gave me a USD account no problems.

The pound will be back up soon and will climb way above 52. Just watch!

"The pound will be back up soon and will climb way above 52. Just watch!"

Why?

[Wilsonandson]

They were right.

Treasury analysis of the immediate impact of BrexitShock scenarioSevere shock scenario

GDP-3.6%-6%

CPI inflation+2.3 percentage points+2.7 percentage points

Unemployment rate+1.6 percentage points+2.4 percentage points

Unemployment level+520,000+820,000

Average real wages-2.8%-4.0%

House prices-10%-18%

Sterling exchange rate index-12%-15%

Public sector net borrowing (Fiscal year 2017-18)+£24bn+£39bn

http://www.bbc.com/news/uk-politics-eu-referendum-36355564 Edited June 27, 2016 by Wilsonandson

[useronthenet]

UK is certainly in for a bumpy ride in the coming months. Wouldn't like to have UK Pounds atm !

[Gweiloman]

They were right.

Treasury analysis of the immediate impact of BrexitShock scenarioSevere shock scenario

GDP-3.6%-6%

CPI inflation+2.3 percentage points+2.7 percentage points

Unemployment rate+1.6 percentage points+2.4 percentage points

Unemployment level+520,000+820,000

Average real wages-2.8%-4.0%

House prices-10%-18%

Sterling exchange rate index-12%-15%

Public sector net borrowing (Fiscal year 2017-18)+£24bn+£39bn

http://www.bbc.com/news/uk-politics-eu-referendum-36355564

Don't you think it's a bit early to conclude this? The pound has dropped about 10% but drop in house prices? Rise in unemployment?

Scaremongering comes to mind