Pound drops to lowest level since 1985

[theguyfromanotherforum]

4 hours 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. 

 

You win some you lose some.

 

After Canadian dollar dropped with oil the price of real estate went higher than ever. Watch Arabs go for another shopping spree in London.

[Anthony5]

4 hours ago, Andaman Al said:

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.

 

If Trump is elected the Dollar will reach new highs, because the Americans and the rest of the world are waiting for president like Trump.

[Andaman Al]

19 minutes ago, Anthony5 said:

 

If Trump is elected the Dollar will reach new highs, because the Americans and the rest of the world are waiting for president like Trump.

Nope!  But my bank account will hit new highs because i will be shorting the dollar  :)

[gobs]

3 hours 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?

As said above, you are allowed to combine/mix monthly incomes and thai bank deposit in THB to reach the mandatory THB 800K.

For example if you have a 50K monthly income, that’s (50x12) 600K to which you can add/show a 200K bank deposit to reach the 800K. And so on…

I don't know, of course, but in your case, maybe a THB 100K deposit could play as a “cushion” or “shock absorber”.

BTW be aware the THB bank deposit must be at least 3 month old, not only at the due date stamp in your passport, but at the poceeding date you apply for your visa extension, as usually extension is applied before the due date stamp.

Unfortunately, I don't see Imm "changing the rules"...

Hope this may help,

And good luck.

[SheungWan]

1 hour ago, theguyfromanotherforum said:

 

You win some you lose some.

 

After Canadian dollar dropped with oil the price of real estate went higher than ever. Watch Arabs go for another shopping spree in London.

 

No. Some people win some. Some people lose some. Currency is a zero-sum game. (lets put arbitrage to one side...) For sterling expats it is now a downside whatever the myriad different attempts to paint it differently. Those expats living abroad or spending substantial parts of the year abroad for them/us the biggest ongoing financial exposure we face (apart from the dodgy GF, but can we pass that one by as well?) is currency movements, sometimes small and sometimes big. This one ain't small and neither is it going to fluctuate with the international price of oil. This downside is a present from brexit.

[evadgib]

3 hours ago, Grouse said:

 

Ill bet you a groat!

Replace R with L to see what I did the morning after the referendum :)

[Maverell]

5 hours ago, SheungWan said:

 

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

No its not. The British people have overwhelming voted to get out of the EU debacle. The Brits do not want to be ruled by an unelected bunch of left wingers. Ok I lose as an ex pat but so what - I am not Thai thinking of today......

[Anthony5]

8 minutes ago, Maverell said:

Ok I lose as an ex pat but so what - I am not Thai thinking of today.....

 

But time to start to think about tomorrow.................

[SheungWan]

13 minutes ago, Maverell said:

No its not. The British people have overwhelming voted to get out of the EU debacle. The Brits do not want to be ruled by an unelected bunch of left wingers. Ok I lose as an ex pat but so what - I am not Thai thinking of today......

 

No. One step better. Brits dreaming of a mythical yesterday.

Edited October 4, 2016 by SheungWan

[HauptmannUK]

I spend much time overseas negotiating business in China and ASEAN.

Confidence in the UK is collapsing, hence the drop in the GBP. For 30 years London has been an investment gateway into Europe for Asian investors - that is coming to an end. I have just returned to the UK after four weeks touting for business in Asia. It was grim.

I just watched May being interviewed on Sky News - a vacuous performance. I liked the Sky correspondents comment that 'a lot of her statements fell apart in your hands'. Neither May nor her ministers have a solid plan and business confidence is evaporating by the day. Chinese cash is piling into 'cheap' UK property and assets. The rising FTSE100 is a mirage - price it in dollars and its one of the worst performing international indicies and lower than it was before the referendum. 

What can we do?  Maybe refit the Royal Yacht Brittania and set sail with Boris at the helm in search of the late 1700's. 

[tutsiwarrior]

7 hours ago, Chicog said:

 

Strange form of celebration.

 

well...you know...all the concern regarding currency fluctuation is rather an anal pursuit...wouldn't you agree?

 

a third of my pension income is affected by the decline of sterling but indeed: 'what goes around comes around...'

 

 

 

Edited October 4, 2016 by tutsiwarrior

[SheungWan]

10 hours ago, evadgib said:

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

 

You might want to consider changing your forum alias to Denarius. (PS. 1 Denarius was at one time worth 10 asses)

Edited October 4, 2016 by SheungWan

[chiang mai]

I had my usual morning read of the papers along with what analysts have to say about the Pound and it seems that mostly everyone agrees, it's going to be quite some time before there's any real upwards movement, most are sticking to their original forecast of USD 1.20. The problem of course is the terms of Brexit which until clarified create massive future uncertainty.

 

So I guess that for those expats wondering where that leaves them in respect of GBP/THB the news is not the best. If we take USD1.20 as a guide, with or without a US interest rate increase, (although an increase may well compound and worsen the problem), GBP/THB could easily flirt with 40 Baht per Pound. That assumes of course that the Thai economy doesn't suffer any unforeseen adverse events and continues to perform broadly as is understood today.

 

Where and when will it all end? It will likely end the same way it started, in fits and jumps, as positive news emerges Sterling will rally, conceivably however that may take many months possibly more than one year. For those looking for good news there's plenty to be had in the FTSE where a weaker Pound has increased overseas earnings and the index is on a record run.

[wombat]

15 hours ago, Andaman Al said:

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.

 

the Trumpence note is next......value unknown just as yet

[freebyrd]

11 hours ago, Anthony5 said:

 

If Trump is elected the Dollar will reach new highs, because the Americans and the rest of the world are waiting for president like Trump.

I do hope that's sarcasm.

[NanLaew]

14 hours 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?

The pool of retirees availing themselves of more questionable ways of fiscal provenance when dealing with their local immigration office is already quite deep. I only see an opportunity for some locals to get even richer.

[geriatrickid]

16 hours 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. 

 

I get it- you are affected and it has had a negative on your  personal finances.

However, for the majority of people who voted for UK sovereignty, FX is not a concern. They are not living outside the country, and are instead  living in the UK and paying their taxes there.  They are concerned about their lives, not the negative impact the FX rate has on a small number of expats living outside their country, many of whom  no longer pay taxes in the UK. 

 

The small difference that the FX change will have on their annual holiday to Portugal or Spain or Turkey is more than compensated for by the  robust UK economy and drop in costs in their primary  vacation destination. For others, they  have enough income to  make up for the  FX change.

 

Yes, yes, I know many pensioners and people living on the edge in Thailand are  having a hard time now. Some are genuinely decent and kind people, while others are meh. However, their personal discomfort is not reason enough to disparage those who exercised their right to decide how and where they wanted to live.   In the interim, those people in the UK are now benefiting from a strengthening economy and growth. Young people may soon have a future.

Edited October 5, 2016 by geriatrickid

[OMGImInPattaya]

1 minute ago, geriatrickid said:

 

I get it- you are affected and it has had a negative on your  personal finances.

However, for the majority of people who voted for UK sovereignty, FX is not a concern. They are not living outside the country, and are instead  living in the UK and paying their taxes their. They are concerned about their lives, not the negative impact the FX rate has on a small number of expats living outside their country, many of whom  no longer pay taxes in the UK. 

 

The small difference that the FX change will have on their annual holiday to Portugal or Spain or Turkey is more than compensated for by the  robust UK economy and drop in costs in their primary  vacation destination. For others, they  have enough income to  make up for the  FX change.

 

Yes, yes, I know many pensioners and people living on the edge in Thailand are  having a hard time now. Some are genuinely decent and kind people, while others are meh. However, their personal discomfort is not reason enough to disparage who exercised their right to decide how and where they wanted to live.   In the interim, those people in the UK are now benefiting from a strengthening economy and growth. Young people may soon have a future.

FTSE is also booming thanks to the courage of the Brexit Freedom Riders.

[NanLaew]

11 hours ago, OMGImInPattaya said:

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.

If 'the Donald' wins, you can watch the effects of stopping net immigration and its effect on the economy in the US starting next month. No need to wait for our article 50 rigmarole to play out.

[chiang mai]

9 minutes ago, OMGImInPattaya said:

FTSE is also booming thanks to the courage of the Brexit Freedom Riders.

 

Say what! More like masked raiders with no eye holes cut into their masks and riding blind!

[hansnl]

16 hours 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. 

The Brexit vote is not the reason for all this, nor the ideas of Mrs May, but a renewed attack on the pound by the same kind of bastards that devalued the pound before.

I would not wonder if, one way or another, the EU bonzos are behind it, punishing Britain to dare to meddle in their wet dreams.

And of course, France and Germany feel free to do what they want with Britain out.

I hope more countries will follow the lead of Britain, high time the euro disappears and countries get their own power back.

 

[jippytum]

15 hours 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?

Dream on if you think  the nice people at immigration will feel sorry  for you !!!

[boomerangutang]

Some Brit expats will have to buy local beer instead of imported.  Awww shucks.

 

It all still comes out looking the same it went in.  Whether there's trickle-down? ....well, that's another topic.

[Grouse]

11 hours ago, evadgib said:

Replace R with L to see what I did the morning after the referendum :)

 

Then you are a silly billy aren't you!

[i claudius]

Luckily i did bring over half my 80000 when the pound was 54 , the rest i brought over when it was 45 , it sucks , but i still voted for Brexit , luckily i have enough to weather the storm for years and believe it or not my wife does come from a family who are well off and that i could borrow from if the need arrose as do i , but as was said before , the ones who voted to leave were those living in the UK , we are an irelevance  

[Grouse]

11 hours ago, Maverell said:

No its not. The British people have overwhelming voted to get out of the EU debacle. The Brits do not want to be ruled by an unelected bunch of left wingers. Ok I lose as an ex pat but so what - I am not Thai thinking of today......

 

Sadly, like so many others, you are just misinformed. 

 

You will I'll learn more as time goes by.

 

Corbyn and his "left wing" tribe were not pro EU either. 

 

Do do you ever watch Question Time? If so, you will see what an embarrassing howling mob of an underclass we British are turning into!

 

Just because you won does not make you right 

[evadgib]

11 minutes ago, jippytum said:

Dream on if you think  the nice people at immigration will feel sorry  for you !!!

Irrelevant as any activity will be at a much higher level, given the numbers likely to be affected.

 

Having said that I cannot see how HMG can ignore the plight of 'frozen' pensioners if they dare to allow those in EU states to continue receiving annual increases after 2019. The old ' none after 1981'  con will be dead in the water.

[i claudius]

44 minutes ago, Grouse said:

 

Sadly, like so many others, you are just misinformed. 

 

You will I'll learn more as time goes by.

 

Corbyn and his "left wing" tribe were not pro EU either. 

 

Do do you ever watch Question Time? If so, you will see what an embarrassing howling mob of an underclass we British are turning into!

 

Just because you won does not make you right 

Doesnt make us wrong either .

[evadgib]

17 minutes ago, Grouse said:

 

Then you are a silly billy aren't you!

<can't be bothered!>

Edited October 5, 2016 by evadgib

[Anthony5]

13 minutes ago, i claudius said:

Luckily i did bring over half my 80000 when the pound was 54 , the rest i brought over when it was 45 , it sucks , but i still voted for Brexit , luckily i have enough to weather the storm for years and believe it or not my wife does come from a family who are well off and that i could borrow from if the need arrose as do i , but as was said before , the ones who voted to leave were those living in the UK , we are an irelevance  

 

Strange, because I thought you earlier posted that you voted to leave.

 

Also wonder why, if you have so mucg to weather the storm, you bothered to send over at 45 to the Baht.

 

It hurts, doesn't it, to have to admit that you made the wrong decision?