Thread: Financial shock for those holding British Pounds

The British pound has fallen over a cliff in the last 7 days. Latest rates 1.87 against the US dollar, 63.2 to the Thai Baht.

The governor of the bank of england drives the stampede.
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BBC NEWS | Business | Recession fears weigh on sterling

The pound has sunk to 22-month lows against the dollar after the Bank of England's inflation report warned the UK could be heading for a recession.
Sterling sank more than 3 cents to $1.8769 in the wake of the report.
While the report said growth would be "broadly flat", Governor Mervyn King said there was a possibility that output may fall.

That's it make me feel more depressed

$1.60-$1.70 is more reasonable rate. Currencies are cyclic so sterling's time to take a dump.

It hasn't fallen as much as the Aussie dollar against the US$. .97 to .86 in three weeks, or, so.

time to get a job!

It hasn't fallen as much as the Aussie dollar against the US$. 0.97 to 0.86 in three weeks, or, so.

Originally Posted by Begbie

The British pound has fallen over a cliff in the last 7 days. Latest rates 1.87 against the US dollar, 63.2 to the Thai Baht.

It was 61 baht to the pound when i first came to thailand, so still better than that rate.

I was 74 Baht in 2005

When I was complaining about the 1% interest rate on my US$ dollars four weeks ago HSBC told me to hang on as the dollar was about make a major rise. First time they've been correct.

Hmmm.... Interesting. I've been holding onto a lot of dollars for the last year as I didnt want to convert them to Baht at a shitty rate. Wonder if I should think about moving them to my UK account......

^^^ How much are you worth now?

Sterling is long overdue for a drop against the Dollar, but more to the point the Baht is overdue for a drop against everything.

Originally Posted by bkkmadness

^^^ How much are you worth now?

13 pounds sixpence

Originally Posted by Thormaturge

the Baht is overdue for a drop against everything.

Bring it on Thormaturge!!!

I remember 38

All as predicted here:

https://teakdoor.com/business-finance...tml#post681702 (Thailand's Baht, Peso --- Decline)

https://teakdoor.com/business-finance...tml#post676436 (Thailand's Baht, Peso --- Decline)

https://teakdoor.com/business-finance...tml#post651735 (Thailand's Baht, Peso --- Decline)

The effects, however, will probably be that GBP follows THB down, maintaining a 65-70 range...

The only saving grace in the downside in the THB. As I have been banging on for some time, the UK housing collapse is causing real solvency issues for UK banks, which, given that Financial Services are largest sector of the UK economy, there is only one way for Sterling to go in the short to medium term - down.

I'm just wondering where all of those doomsday analysts went that were on here just a few months ago predicting the world wide demise of the dollar as the prime currency and $150 per barrel oil prices by now.

Even this war in Georgia which is the type of event that used to be any excuse to throw a party by the speculators isn't stemming the decline..

A loss in baht value would kill us though as we live on bahts and that means inflation is going to rise here, so give it with one hand and take it away in larger values with the other. can't win for losing.. the decline in oil helps a bit but we don't own a car anyway.

I'll never get out of this shit hole.. it may be time to search out the 5 story building with a nice view and low railings...

Originally Posted by panama hat

Originally Posted by bkkmadness

^^^ How much are you worth now?

13 pounds sixpence

£ 13.025 for younger readers.

^^^ you are fucking genius, bkka

even a broken clock got it right twice a day,

LSD bring back the old days

Originally Posted by Sir Burr

It hasn't fallen as much as the Aussie dollar against the US$. .97 to .86 in three weeks, or, so.

and thank fuck too!

The AD is bound to re-adjust also,

the USD is definitely bouncing back, the usual market speculations and over reactions followed by an adjustment to reality until the next cycle of delusions by speculators,

[quote=bkkandrew;720727]All as predicted here:

there is only one way for Sterling to go in the short to medium term - down.

I hope it stays above 60 to a pound, who thinks it will go below? I hope not I get paid in pounds.

Originally Posted by Butterfly

^^^ you are fucking genius, bkka

even a broken clock got it right twice a day,

Oh - and a reminder of your comment on my predictions and the reasons for them:

^ these are small bad news among the storm, nothing major like I said

next,

[quote=minime;720759]

Originally Posted by bkkandrew

All as predicted here:

there is only one way for Sterling to go in the short to medium term - down.

I hope it stays above 60 to a pound, who thinks it will go below? I hope not I get paid in pounds.

Greedy??