Sterling falls to new low against the dollar in Asia trade

[webfact]

Sterling falls to new low against the dollar in Asia trade

LONDON: -- The pound has hit a new low in Asian trading as concerns about the UK's vote to leave the European Union continue to weigh on investor confidence.

It touched $1.2798 against the dollar on Wednesday, a fresh 31-year low.

The drop came as US government bond yields fell to record lows as investors rushed for perceived safe havens.

The moves follow decisions by fund managers, including Standard Life and Aviva, to stop investors withdrawing money from their UK property funds.

Full story: http://www.bbc.com/news/business-36721016


-- BBC 2016-07-06

[Berkshire]

It's getting hammered by the THB as well.

[Denim]

Oh oh ......... Schadenfreude alert !!

Here come the remains.

[BigBadGeordie]

I bet there are a good number of Brits due to do an annual extension, based on income, over the next few weeks who are getting very worried now.

[mcfish]

Get ready for a Thailand Brexit

[shirtless]

The good old days of 70 bht to the pound are long gone , , RIP GBP.

[Bunnychow]

The good old days of 70 bht to the pound are long gone , , RIP GBP.

The last time it was 70 was over 10 years ago and we havent hit the lows of 2013 (44.13)...so cants see where the RIP comes in ?

You have walking around with your eyes shut or your head buried in the sand for the last 10 years at least

[mcfish]

2013 low is about to get tested. The charts show a strong down trend

[sujoop]

Let's see if Theresa May gets the nod as Tory leader. As a 'remainer' she could then justifiably state she feels the public must have a new say via a fresh election, along with perhaps an attached 'updated' referendum question:

'Do you wish the new Govt to enact article 50 and leave the EU?' YES/NO

Then look for a resounding NO (in the wake of sober reflection) and the pound to rocket up alongside investor confidence, as well as jobs thus tax/budgets revenue outlook, etc, etc. Or, continue haplessly down the blind Brexiter slope and much worse fallout will follow.

Edited July 6, 2016 by sujoop

[Bunnychow]

Let's see if Theresa May gets the nod as Tory leader. As a 'remainer' she could then justifiably state she feels the public must have a new say via a fresh election, along with perhaps an attached 'updated' referendum question:

'Do you wish the new Govt to enact article 50 and leave the EU?' YES/No

Then look for a resounding NO (in the wake of sober reflection) and the pound to rocket up alongside investor confidence, as well as jobs and tax/budgets revenue outlook, etc, etc. Or, continue haplessly down the blind Brexiter slope and much worse fallout will follow.

So your wanting to move the goal posts then just because the result never favoured your postion ?...very anti-democratic indeed..when is your next holiday to North Korea comrade ?

[KhaoNiaw]

Let's see if Theresa May gets the nod as Tory leader. As a 'remainer' she could then justifiably state she feels the public must have a new say via a fresh election, along with perhaps an attached 'updated' referendum question:

No she couldn't. She's not standing for the leadership as a Remainer. She's standing as a contender for the position of negotiating the Brexit.

[IMA_FARANG]

Is there anyone on this forum who has ever read a Kurt Vonegut novel called" Timequake".

In that novel, due to a unexplained kink in time, the entire world has to repeat the decade of the 1980's.

Rather like the U.K. stuck in repeating the E.U. experience.

When they finally recover from the lost decade of delusion, the hero tells them this: "You have been sick,, but NOW you are well; and there is work to be done."

That is my message to Brits about the BREXIT vote and it's results.

You have been sick, but now you are well.....and there is work to be done.

Edited July 6, 2016 by IMA_FARANG

[TommyUK1960]

• Bank Of England have wanted to weaken our currency for a long time so what better reason than the Brexit.

British pound was going to get weaker no matter what because that's what's required to make our exports cheaper and erode our debt.

Pound will stabilize and get back to near normal as they stabilize the political situation.

[ilostmypassword]

• Bank Of England have wanted to weaken our currency for a long time so what better reason than the Brexit.
• British pound was going to get weaker no matter what because that's what's required to make our exports cheaper and erode our debt.
• Pound will stabilize and get back to near normal as they stabilize the political situation.

What is normal?

[MisterTee]

• Bank Of England have wanted to weaken our currency for a long time so what better reason than the Brexit.
• British pound was going to get weaker no matter what because that's what's required to make our exports cheaper and erode our debt.
• Pound will stabilize and get back to near normal as they stabilize the political situation.

All good points, but the political situation will not be stabilized until they have competent leadership.

[goldenbrwn1]

I'm ok with it being around 50 baht to the pound. I really can't see it going down much further than say 44 baht to the pound. To put that into perspective ,that's about 100 pounds sterling less on every thousand pound I spend every month. All that needs to be done is save 100 pounds per month. Bye bye fitness first for the Mrs ( not that she done anything else but take selfies anyway) that's 3000 baht right there. I will cut out the mon morning pi#s ups ,that's another 3000 baht. I'm already up. Simples.....

Everyone needs to stop panicking. And please stop talking about the great era of 70 baht or more to the pound, it really wasn't helping when it was in the 50s let alone now! ....

As I said stop panicking !!!!!!, ahhhhhhahhhhhhhhhahhhhh

Edited July 6, 2016 by goldenbrwn1

[edwinchester]

The good old days of 70 bht to the pound are long gone , , RIP GBP.

The last time it was 70 was over 10 years ago and we havent hit the lows of 2013 (44.13)...so cants see where the RIP comes in ?

You have walking around with your eyes shut or your head buried in the sand for the last 10 years at least

GBP was over 70 THB in 2008. Remember it well as we finished building our house just before the crash.

[dick dasterdly]

• Bank Of England have wanted to weaken our currency for a long time so what better reason than the Brexit.
• British pound was going to get weaker no matter what because that's what's required to make our exports cheaper and erode our debt.
• Pound will stabilize and get back to near normal as they stabilize the political situation.

All good points, but the political situation will not be stabilized until they have competent leadership.

Exactly. Sterling had stablised - but the turmoil amongst UK politicians has resulted in sterling falling lower.

Politicians in all parties are fighting amongst themselves. Hardly suprising that markets aren't happy!

[alanrchase]

The good old days of 70 bht to the pound are long gone , , RIP GBP.

The last time it was 70 was over 10 years ago and we havent hit the lows of 2013 (44.13)...so cants see where the RIP comes in ?

You have walking around with your eyes shut or your head buried in the sand for the last 10 years at least

44 is not a low. In the early 90's before the Asian crash 34 could be considered low. Good possibility it will get back down there as well.

[Ulic]

And this too shall pass. Nothing has happened except speculation and nothing will change

for at least two years. Meanwhile Japan is trying to figure out how to joint the EU then

Jexit and drive down the Yen.

[shirtless]

The good old days of 70 bht to the pound are long gone , , RIP GBP.

The last time it was 70 was over 10 years ago and we havent hit the lows of 2013 (44.13)...so cants see where the RIP comes in ?

You have walking around with your eyes shut or your head buried in the sand for the last 10 years at least

Gbp dropped again now at 1.28 usd as at 12.30pm, it may bottom out at 1.10usd , but look on the positive side your exports will go up and so will the pound eventually.

[Estrada]

The good old days of 70 bht to the pound are long gone , , RIP GBP.

The last time it was 70 was over 10 years ago and we havent hit the lows of 2013 (44.13)...so cants see where the RIP comes in ?

You have walking around with your eyes shut or your head buried in the sand for the last 10 years at least

Overall the Pound has been on an uptrend against the Thai Baht since the low of 2013 reaching B52.69 when it was though that common sense had prevailed. It has now sharply reversed direction and is now B44.23 (Bank Buying Rate), so we have hit the lows of 2013. For sure it is going down further. The forecast is B38.48 and $1.15 by the time the UK actually leaves the EU. RIP GBP.

Edited July 6, 2016 by Estrada

[dick dasterdly]

The good old days of 70 bht to the pound are long gone , , RIP GBP.

The last time it was 70 was over 10 years ago and we havent hit the lows of 2013 (44.13)...so cants see where the RIP comes in ?

You have walking around with your eyes shut or your head buried in the sand for the last 10 years at least

Gbp dropped again now at 1.28 usd as at 12.30pm, it may bottom out at 1.10usd , but look on the positive side your exports will go up and so will the pound eventually.

Yes, sterling will go up again once the politicians get over their in-fighting, and show some signs that the political chaos has ended.

Meanwhile, the poor taxpayer has to pay these people.....

[dick dasterdly]

The good old days of 70 bht to the pound are long gone , , RIP GBP.

The last time it was 70 was over 10 years ago and we havent hit the lows of 2013 (44.13)...so cants see where the RIP comes in ?

You have walking around with your eyes shut or your head buried in the sand for the last 10 years at least

Overall the Pound has been on an uptrend against the Thai Baht since the low of 2013 reaching B52.69 when it was though that common sense had prevailed. It has now sharply reversed direction and is now B44.23 (Bank Buying Rate), so we have hit the lows of 2013. For sure it is going down further. The forecast is B38.48 and $1.15 by the time the UK actually leaves the EU. RIP GBP.

You're kidding right?

Sterling has been hovering around 49-50 bht for a long time now - and it certainly hasn't been on an upward trend, unless you're comparing it to when it went down to around 44 bht a few years ago.

[mommysboy]

The support level will likely be in the $1.25 region.

[JHolmesJr]

Let's see if Theresa May gets the nod as Tory leader. As a 'remainer' she could then justifiably state she feels the public must have a new say via a fresh election, along with perhaps an attached 'updated' referendum question:

'Do you wish the new Govt to enact article 50 and leave the EU?' YES/NO

Then look for a resounding NO (in the wake of sober reflection) and the pound to rocket up alongside investor confidence, as well as jobs thus tax/budgets revenue outlook, etc, etc. Or, continue haplessly down the blind Brexiter slope and much worse fallout will follow.

You are a scary guy…Im glad you are not a politician.

[Bellini]

Source: xe.com

That's tough for British people retired in Thailand.

Edited July 6, 2016 by Bellini

[nausea]

If you're depending on a UK income you'd better hope Thailand doesn't get its shit together. As for Brexit - well, what can one say about this, all the major players have left the scene of the crime. "It wasn't me Guv, honest". More seriously, I think that, by accident, the UK may have done the right thing. Only time will tell.

[dick dasterdly]

Thanks for that graph.

Sterling has been falling since '07, with a few upward blips - albeit coming nowhere near the level shown in '07.

Brit. politicians are doing their best to make things even worse. No wonder sterling is falling even further than it did after the market stabilised after the brexit vote! They're concentrating on in-fighting.

Cameron is the most to blame for this as he is the PM. He MUST demand that a new PM be appointed within the next couple of weeks.

[nausea]

If you're depending on a UK income you'd better hope Thailand doesn't get its shit together. As for Brexit - well, what can one say about this, all the major players have left the scene of the crime. "It wasn't me Guv, honest". More seriously, I think that, by accident, the UK may have done the right thing. Only time will tell.