Pound drops to lowest level since 1985

[webfact]

Pound drops to lowest level since 1985 

 

LONDON (AP) — The pound has dropped to a 31-year low as trading as investors fret over the British government's suggestion it will focus on controlling immigration in its talks to leave the European Union, ahead of retaining close ties to the bloc's single market.

 

Investors have been selling the currency since a speech on Sunday by Prime Minister Theresa May, who said her government plans to start the process of leaving the European Union by the end of March 2017.

 

The pound fell another 0.5 percent on Tuesday to $1.2760, its lowest point since 1985.

 

Kathleen Brooks, research director at Forex.com, and City Index says foreign exchange traders are "spooked by May's apparent sanguine attitude to leaving the single market, preferring to focus on immigration and U.K. sovereignty."

 

Treasury chief Philip Hammond's comments suggesting turbulence in the coming years compounded concerns.

 

-- © Associated Press 2016-10-04

[carstenp]

It's not fun to be a expat right now in Thailand 

[Phuket Man]

I would have thought that it is not great to be a Brit anywhere right now.

Well done Brexit voters.

You have done a great job. 

[Chicog]

8 minutes ago, Phuket Man said:

I would have thought that it is not great to be a Brit anywhere right now.

Well done Brexit voters.

You have done a great job. 

 

OK for me, I get paid in $$$

 

[dutchisaan]

15 minutes ago, Chicog said:

 

OK for me, I get paid in $$$

 

I hope for you that the American people don't vote Trump in the whitehouse. Because if that happens, you will be lucky to het 15 thb to the dollar.

Just kidding with you Chicog.

[Maverell]

As a Brit over here I will just have to cut down on my beer intake 555555

Short term pain - long term gain for the UK. Brexit is not just about money.

[Grouse]

Once again, just to keep the bloody Conservatives happy. Mrs May spouts off and drives down Sterling without any comfort such as a strategy. There was no reason to make such a bald statement right now. Stick to scone recipes. 

 

Meanwhile, the numpties will be grinning aimlessly and running around cheering! Just great....

[Andaman Al]

47 minutes ago, Chicog said:

 

OK for me, I get paid in $$$

 

Same, thank God I opened a USD account over here and charge all clients wherever they are in USD. However, that may also become tricky in Nov. Any ideas if the $ goes pear shaped if Trump gets in (and boy it will) ? CHF maybe? Though I think Gold coins or bitcoins would be safer ha ha.

[KarenBravo]

Seems to me, Sterling going down more has firstly pushed the stock-market to new highs and also exporters and their employees are happy as more orders flood in.

 

Good thing, bad thing; it's all relative and depends where you are standing at the time.

[Grouse]

Look, how much do we make from exporting manufactured goods?

 

Are we a net importer or exporter?

 

I really can't be bothered to explain why this is bad for "the man in the street"

 

The "pound in your pocket" IS worth less.

 

What were you doing in 1985?

 

The miners strike

 

Heysel

 

Kinnock fighting Trots

 

First EVER mobile phone call in UK

 

Hang on, the numpties have started tripping up....

[Slip]

Not too bad for me either- I get paid in baht, and off to the UK in a couple of days. It's also good for me to send a little cash to my aging parents.  Last time I was there was three and a half years ago.  It was under 45 then too.  I feel for you guys who are having to convert pounds to baht though.

[Phuket Man]

Must be about time that Canadian at the Bank of England opened his mouth again.

That will push it down even further.

Edited October 4, 2016 by Phuket Man

[Grouse]

18 minutes ago, Grouse said:

Look, how much do we make from exporting manufactured goods?

 

Are we a net importer or exporter?

 

I really can't be bothered to explain why this is bad for "the man in the street"

 

The "pound in your pocket" IS worth less.

 

What were you doing in 1985?

 

The miners strike

 

Heysel

 

Kinnock fighting Trots

 

First EVER mobile phone call in UK

 

Hang on, the numpties have started tripping up....

 

http://www.independent.co.uk/voices/theresa-may-brexit-tory-conservative-conference-article-50-invoke-march-philip-hammond-2020-election-a7342996.html

 

and here's why....

[SheungWan]

50 minutes ago, Maverell said:

As a Brit over here I will just have to cut down on my beer intake 555555

Short term pain - long term gain for the UK. Brexit is not just about money.

 

Its always about the money, unless you are losing the argument or you can't count.

[SheungWan]

27 minutes ago, KarenBravo said:

Seems to me, Sterling going down more has firstly pushed the stock-market to new highs and also exporters and their employees are happy as more orders flood in.

 

Good thing, bad thing; it's all relative and depends where you are standing at the time.

 

And since this is an expats forum sterling's dive is bad for those on sterling incomes. The horrible choice now for those wholly in sterling is whether to change more now (assuming one can) or hope for a bounce. Maybe in Thailand, Brexit supporters should be forced to cover sterling holder's losses. An IOU on the back of a plastic Union Jack is what they are currently offering.

[Andaman Al]

1 minute ago, SheungWan said:

 

And since this is an expats forum sterling's dive is bad for those on sterling incomes. The horrible choice now for those wholly in sterling is whether to change more now (assuming one can) or hope for a bounce. Maybe in Thailand, Brexit supporters should be forced to cover sterling holder's losses. An IOU on the back of a plastic Union Jack is what they are currently offering.

Great idea  so can we make all Trump supporters support ALL our losses globally if the manage to get Trump into the oval office? Its time to buy bullion again  

[KarenBravo]

And since this is an expat's forum, the dive is great for those that bought assets here with Sterling.

As I said......it depends where you're standing.

Edited October 4, 2016 by KarenBravo

[Grouse]

6 minutes ago, KarenBravo said:

And since this is an expat's forum, the dive is great for those that bought assets here with Sterling.

 

Wow, investing in Thai "assets" as a hedge against Sterling! You should be a financial advisor. Anymore bon mots?

Edited October 4, 2016 by Grouse
Irony

[KarenBravo]

1 minute ago, Grouse said:

 

Wow, investing in Thai "assets" as a hedge against Sterling! You should be a financial advisor. Anymore gems?

 

Lot's of foreigners have Baht denoted assets that were bought with Sterling. Everything from Baht in a Thai bank, to property and businesses.

I'm not talking about hedging. And frankly, when Sterling dropped from 1.50 to the US$ to 1.46 the day after the Brexit vote, the writing was plain to see. No financial adviser necessary.....

[howerde]

Just transfered  money  a touch over 42 baht to the £         at this rate i'll have to drink  Leo/chang/acha,  next stop the gutter

[tutsiwarrior]

I remember when sterling was at parity with the euro back in 2009...I paid off my VISA account and then got a colonoscopy in Jeddah...

[chiang mai]

1 minute ago, KarenBravo said:

 

Lot's of foreigners have Baht denoted assets that were bought with Sterling. Everything from Baht in a Thai bank, to property and businesses.

I'm not talking about hedging. And frankly, when Sterling dropped from 1.50 to the US$ to 1.46 the day after the Brexit vote, the writing was plain to see. No financial adviser necessary.....

 

I couldn't agree more.  I don't know about anyone else but I'm doing very well out of Sterlings decline - ten years of THB sat in banks and transferred in at over 50, plus real estate values, I'm up substantially in GBP terms and with no negative impact on my THB/lifestyle position. And that's why we're seeing so many Brits leaving and returning to Blighty, some of it is needs must but for others it's an opportunity.

[Grouse]

13 minutes ago, KarenBravo said:

And since this is an expat's forum, the dive is great for those that bought assets here with Sterling.

 

I was being ironic, but it dropped from 1.48 to 1.28 on the night of the referendum. 

 

The point is, this is all totally unnecessary.

 

BTW, I forecast some nasty shock to the Thai economy anytime.

[KarenBravo]

3 minutes ago, Grouse said:

 

I was being ironic, but it dropped from 1.48 to 1.28 on the night of the referendum. 

 

The point is, this is all totally unnecessary.

 

BTW, I forecast some nasty shock to the Thai economy anytime.

 

Sorry, you're right. I should have said 50 Bt to Sterling which then fell to 46 Bt after the vote.

[chrisyork]

My retirement Visa will be coming up for renewal in January...... If this carries on or stays at this level I may not make the monthly earnings threshold..... Anybody else in the same boat? Any strategies out there for what to do? Any sign of Immigration being considerate / changing the rules?

[Grouse]

I got out of Sterling at 1.43 and back at 1.30.

 

However, I'm looking at the UK situation generally and it doesn't look good.

 

May's move was an unnecessary own goal. The effects will disproportionately hurt the poorer sections of UK....

 

Nothing new there then!

[Phuket Man]

My retirement Visa will be coming up for renewal in January...... If this carries on or stays at this level I may not make the monthly earnings threshold..... Anybody else in the same boat? Any strategies out there for what to do? Any sign of Immigration being considerate / changing the rules?

Combine Income with money in the bank.
Immigration won't give a toss about our problems

[thaihome]

1 minute ago, Grouse said:

I got out of Sterling at 1.43 and back at 1.30.

 

However, I'm looking at the UK situation generally and it doesn't look good.

 

May's move was an unnecessary own goal. The effects will disproportionately hurt the poorer sections of UK....

 

Nothing new there then!

 

But the good news for them will be all the savings from paying immigrants on the dole can now go to white Brits on the dole.?

TH 

[Grouse]

4 minutes ago, chrisyork said:

My retirement Visa will be coming up for renewal in January...... If this carries on or stays at this level I may not make the monthly earnings threshold..... Anybody else in the same boat? Any strategies out there for what to do? Any sign of Immigration being considerate / changing the rules?

 

If you can prove you didn't vote for Brexit and therefore not a numpty, you should be OK!

[ukrules]

2 hours ago, carstenp said:

It's not fun to be a expat right now in Thailand 

 

It's just above 44.2 Baht to the pound, slightly lower than the previous low around mid August which was 44.6

 

I guess the question is, will it continue to fall ?