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Old 13-08-2008, 08:51 PM   #1 (permalink)
Begbie
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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.
.................................................. .........................

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.
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Old 13-08-2008, 08:56 PM   #2 (permalink)
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That's it make me feel more depressed
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Old 13-08-2008, 09:14 PM   #3 (permalink)
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$1.60-$1.70 is more reasonable rate. Currencies are cyclic so sterling's time to take a dump.
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Old 13-08-2008, 09:16 PM   #4 (permalink)
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It hasn't fallen as much as the Aussie dollar against the US$. .97 to .86 in three weeks, or, so.
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Old 13-08-2008, 09:20 PM   #5 (permalink)
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time to get a job!
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Old 13-08-2008, 09:21 PM   #6 (permalink)
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It hasn't fallen as much as the Aussie dollar against the US$. 0.97 to 0.86 in three weeks, or, so.
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Old 13-08-2008, 09:24 PM   #7 (permalink)
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Quote:
Originally Posted by Begbie View Post
The British pound has fallen over a cliff in the last 7 days. Latest rates 1.87 against the US dollar, 63.2 to the Thai Baht.
It was 61 baht to the pound when i first came to thailand, so still better than that rate.
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Old 13-08-2008, 09:29 PM   #8 (permalink)
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I was 74 Baht in 2005
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Old 13-08-2008, 09:36 PM   #9 (permalink)
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When I was complaining about the 1% interest rate on my US$ 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.
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Old 13-08-2008, 09:36 PM   #10 (permalink)
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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......
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Old 13-08-2008, 09:37 PM   #11 (permalink)
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Old 13-08-2008, 09:46 PM   #12 (permalink)
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Sterling is long overdue for a drop against the Dollar, but more to the point the Baht is overdue for a drop against everything.
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Old 13-08-2008, 09:52 PM   #13 (permalink)
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^^^ How much are you worth now?
13 pounds sixpence
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Old 13-08-2008, 09:54 PM   #14 (permalink)
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the Baht is overdue for a drop against everything.
Bring it on Thormaturge!!!
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Old 13-08-2008, 09:55 PM   #15 (permalink)
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I remember 38
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Old 13-08-2008, 09:58 PM   #16 (permalink)
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All as predicted here:

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

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

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

Quote:
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.
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Old 13-08-2008, 10:14 PM   #17 (permalink)
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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...
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Old 13-08-2008, 10:15 PM   #18 (permalink)
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^^^ How much are you worth now?
13 pounds sixpence

£ 13.025 for younger readers.
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Old 13-08-2008, 10:16 PM   #19 (permalink)
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Old 13-08-2008, 10:17 PM   #20 (permalink)
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