Pound drops to lowest level since 1985

[Slip]

9 minutes ago, KarenBravo said:

 

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

It was below that in March 2013- no brexit required.

[chiang mai]

7 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?

 

You are certainly not alone, my guess is you are one of thousands. One option might be to combine the money in the bank AND the monthly income, instead of requiring 65k a month (if that's what it is currently), a combination of savings and income may see you over the downturn, possibly.

[chiang mai]

3 minutes ago, Slip said:

It was below that in March 2013- no brexit required.

 

Not as a function of GBP weakness it wasn't, that was a USD issue.

[chiang mai]

5 minutes ago, ukrules said:

 

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 ?

 

UOB says it's 43.76 and the answer to your question is yes, absolutely.

 

https://daytodaydata.net/

[Slip]

I don't know about the intricacies of the markets, but the exchange rate was less than 45 baht to the pound at that time.

[Xircal]

2 hours ago, carstenp said:

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

 

I can imagine. You guys must really be feeling the pinch now.

[chiang mai]

1 minute ago, Slip said:

I don't know about the intricacies of the markets, but the exchange rate was less than 45 baht to the pound at that time.

 

You need to understand the reasons why otherwise your answer has no meaning: a gain in the value of THB could be down to an increase in the value of USD, a fall in the value of GBP or an increase in the value of THB. Your reference was to the first of those, the current reference is to the second, totally totally totally different events and trying to avoid any link to Brexit that results from that fall is impossible.

[rockingrobin]

Guys at present sterling looks oversold, what appears to be driving it down is that the UK government appears heading towards a hard brexit 

[Slip]

2 minutes ago, chiang mai said:

 

You need to understand the reasons why otherwise your answer has no meaning: a gain in the value of THB could be down to an increase in the value of USD, a fall in the value of GBP or an increase in the value of THB. Your reference was to the first of those, the current reference is to the second, totally totally totally different events and trying to avoid any link to Brexit that results from that fall is impossible.

 

I see what you mean if I hark back to my A-level economics studies, but in layman's terms the end effect is identical.  I know better than to argue with an economist of any virtue as my knowledge is zero.  Yet I am still enjoying an almost identical exchange rate as I did 3.5 years ago.

[MobileContent]

The last time I was paid in Pound Sterling was during the Asian Financial Crisis in 1997 that started here in Bangkok and since then I have never ever done a deal in the GBP.

 

It's either USD/S$, Thai Baht and some times in Euros.

[sn1per]

6 months ago I transferred just over 15k from the UK to cover the 800,000b  required to satisfy immigration rules for applying for a non-o/ retirement visa.

I was refused a non-o in Penang because I didn't have a letter from the UK embassy stating that I was officially retired.

Although at the time I was quite annoyed about this, I would now like to say thank you to those lovely immigration guys down there, as I have now transferred the money back to the UK and nicked about 3k in the process. 

So............. get yer money out now !!!!!!

Edited October 4, 2016 by sn1per
addition

[daveAustin]

10 minutes ago, rockingrobin said:

Guys at present sterling looks oversold, what appears to be driving it down is that the UK government appears heading towards a hard brexit 

 

Yep, hard it is. May was always a closet Brexiter. It'll be a case of throttle immigration at the Channel or stick the Single Market, mark my words. Low sterling hurts us but is not a big deal back home... in fact, exports and FTSE are up and tourism is booming so I hear. 

[Grouse]

31 minutes ago, thaihome said:

 

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 

 

European immigrants are net contributors not beneficiaries. Do you read the Express or the Mail?  I suspect you are being ironic though!

[rockingrobin]

The economic fundamentals of the  UK are pretty good , and yet sterling is falling, the danger for me is that if the markets get too spooked we may find that traders act like sheep and blindly sell .I think we  are  some way off this but on a cautionary  the year has been unpredictable and with November who really knows 

[Chicog]

2 hours ago, dutchisaan said:

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.

 

What goes around comes around I say.

[Chicog]

1 hour ago, tutsiwarrior said:

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...

 

Strange form of celebration.

 

[boomerangutang]

3 hours ago, carstenp said:

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

 

There are a lot of things to appreciate outside the realm of money.  I just took a long walk/jog in the country.  Nature all around, including a sunset.  More precious than the crown jewels guarded by beefeaters.

[chiang mai]

33 minutes ago, Slip said:

 

I see what you mean if I hark back to my A-level economics studies, but in layman's terms the end effect is identical.  I know better than to argue with an economist of any virtue as my knowledge is zero.  Yet I am still enjoying an almost identical exchange rate as I did 3.5 years ago.

 

Or as Harold said, The Pound in Your Pocket.... you know how that ended!

[chiang mai]

21 minutes ago, rockingrobin said:

The economic fundamentals of the  UK are pretty good , and yet sterling is falling, the danger for me is that if the markets get too spooked we may find that traders act like sheep and blindly sell .I think we  are  some way off this but on a cautionary  the year has been unpredictable and with November who really knows 

 

I disagree: the economic fundamentals of the UK are not good in any shape or form, debt is at a record high, the deficit is increasing yet again, consumer debt is at a near record high, unemployment levels are disguised by zero hour contracts but broadly understood to be effectively far higher than publicised, and so on and so on.,

[rockingrobin]

9 minutes ago, boomerangutang said:

 

There are a lot of things to appreciate outside the realm of money.  I just took a long walk/jog in the country.  Nature all around, including a sunset.  More precious than the crown jewels guarded by beefeaters.

I dont disagree in principle, but did the walk/jog and sunset put food on the table for yourself and family

[evadgib]

£ was around long before €  or the EU and will still be around long after they're gone.

[Grouse]

13 minutes ago, evadgib said:

£ was around long before €  or the EU and will still be around long after they're gone.

 

Ill bet you a groat!

[vogie]

2 minutes ago, Grouse said:

 

Ill bet you a groat!

Did you intentionally omit the word 'numpty'?

[OMGImInPattaya]

46 minutes ago, Grouse said:

 

European immigrants are net contributors not beneficiaries. Do you read the Express or the Mail?  I suspect you are being ironic though!

So by that logic, the UK could increase its GDP numbers per capita to Swiss or Luxumburg like levels by letting in every last immigrant from the Baltic states, Eastern Europe, and Greece...interesting.

[SheungWan]

29 minutes ago, boomerangutang said:

 

There are a lot of things to appreciate outside the realm of money.  I just took a long walk/jog in the country.  Nature all around, including a sunset.  More precious than the crown jewels guarded by beefeaters.

 

For heaven's sake man, get a grip!

 

[Grouse]

3 minutes ago, vogie said:

Did you intentionally omit the word 'numpty'?

 

Haha! Touché!

[Grouse]

10 minutes ago, OMGImInPattaya said:

So by that logic, the UK could increase its GDP numbers per capita to Swiss or Luxumburg like levels by letting in every last immigrant from the Baltic states, Eastern Europe, and Greece...interesting.

 

That's a rather silly comment.

 

It's a common misapprehension that EU migrants are scrounges. That's just incorrect.

 

Clearly, the maximum number of migrants is dependent on the demands of the economy.

 

Scroungers tend to be underclass white males; you know that.

 

incidentally, note SFr level (CHF)

Edited October 4, 2016 by Grouse

[Grouse]

14 minutes ago, OMGImInPattaya said:

So by that logic, the UK could increase its GDP numbers per capita to Swiss or Luxumburg like levels by letting in every last immigrant from the Baltic states, Eastern Europe, and Greece...interesting.

 

That's a rather silly comment.

 

It's a common misapprehension that EU migrants are scrounges. That's just incorrect.

 

Clearly, the maximum number of migrants is dependent on the demands of the economy.

 

Scroungers tend to be underclass white males; you know that.

Edited October 4, 2016 by Grouse

[OMGImInPattaya]

5 hours ago, carstenp said:

 

[OMGImInPattaya]

45 minutes ago, Grouse said:

 

That's a rather silly comment.

 

It's a common misapprehension that EU migrants are scrounges. That's just incorrect.

 

Clearly, the maximum number of migrants is dependent on the demands of the economy.

 

Scroungers tend to be underclass white males; you know that.

 

incidentally, note SFr level (CHF)

Just taking your words to their logical conclusion...you said all European migrants are net contributors to the economy, i.e., they incrementally increase GDP. Therefore, the more migrants a country allows in the higher the GDP...you didn't say anything about limits to your economic perpetual motion machine.