Thread: Will the Baht hit 50?

as of 1133hrs Bkk time it's 50.00 ref XE

^
Very good but nowhere on the planet gives the rates XE quote.

Bank of Thailand Exchange rates

Buy Sell
United Kingdom gbp 49.2197 49.3884 50.0446

Daily Foreign Exchange Rates

I should think the BoT would be content to see it drift down further and hit 55 - 60.

Originally Posted by Thormaturge

Very good but nowhere on the planet gives the rates XE quote.

Vasu Exchange are giving 49.95

The avarice of the thai will ensure that neither tourist nor expat benefit from the weakening of the baht.

Prices will be adjusted to ensure that the thai bottom line continues to fatten up, just as it did when the baht was strengthening and prices should have been falling.

Originally Posted by Thormaturge

^
Very good but nowhere on the planet gives the rates XE quote.

XE is using quotes from some non-official FX exchange, it's completely useless

Originally Posted by Butterfly

Originally Posted by Thormaturge

^
Very good but nowhere on the planet gives the rates XE quote.

XE is using quotes from some non-official FX exchange, it's completely useless

Whichever twisted way you try to spin this story, the fact is that the recent resurgence of the british economy, combined with the results of years of mismanagement of the thai economy have caused the pound to stage a comeback against many currencies including asias one hit wonder, the baht.

By the way, whats the longterm outlook for the euro at the moment, will it be saved by a resurgence in the economy of that other european powerhouse, belgium ?

Originally Posted by taxexile

combined with the results of years of mismanagement of the thai economy have caused the pound to stage a comeback against many currencies including asias one hit wonder, the baht.

I think everyone is taking their profit on the SET after 3 spectacular years, and that the Thai rice scandal is going to affect Thailand fiscal policies, hence increase their deficit, hence everyone is dumping the THB

it's not the UK that is improving, it's Thailand getting worse, don't confuse the 2

the UK is still in the shit despite some recent misleading rosy numbers,

Originally Posted by Butterfly

the UK is still in the shit despite some recent misleading rosy numbers,

Of course it is, just the same as the Euro and the Dollar. All that seems to be happening is, other countries are starting to join the race to the bottom.

Originally Posted by Butterfly

Originally Posted by taxexile

combined with the results of years of mismanagement of the thai economy have caused the pound to stage a comeback against many currencies including asias one hit wonder, the baht.

I think everyone is taking their profit on the SET after 3 spectacular years, and that the Thai rice scandal is going to affect Thailand fiscal policies, hence increase their deficit, hence everyone is dumping the THB

it's not the UK that is improving, it's Thailand getting worse, don't confuse the 2

the UK is still in the shit despite some recent misleading rosy numbers,

Nevertheless, the underlying principles of good governance, fiscal controls and the inevitable cycle of recovery following recession mean that the UK economy, and perforce the £, is now on an upward trajectory. Data supports this and the markets reflect the sentiment. " Rosy (sic)" is scarcely an accurate interpretation but I can well understand your own personal prejudices intruding, particularly when one knows the Euro is likely to be bedevilled by their weakest links for God knows how long.

The greatest threat to the £'s recovery is the antics of that Canadian Carney who seems to be very much a one trick pony in that to date his contribution to the Bank of England's management has been limited to talking the £ down at every given opportunity. It was only yesterday that his sidekick Wheale raised the prospect that further QE may be necessary should the recovery be stymied. This of course is utter nonsense but indicative of Carney's style. As indeed is his equally vacuous drivel that rates will be held at their current level for the next 3-5 years. The whole world and his wife knows that inflation will have to be checked at some point and, as the markets have already shown, the belief is that rates will almost certainly rise sooner than later.

As I have said consistently, the £ was undervalued as much as the baht was over priced. Folk underestimated the effect of the capital inflows generated by US QE and confused this with the alleged systemic robustness of the Thai economy, the underlying weakness of which has now been stripped bare.

The increasing debt among consumers, problematic funding for forthcoming mega projects, reduced tax revenues and the impact of the rice scandal will need addressing. The last thing the BoT want is an artificially inflated baht so I foresee a further slide downwards against western currencies as a desired outcome if only to reinvigorate growth.

Originally Posted by flashbang

It is obvious to me that the pound should be stronger, I mean, we fucking created the world so our money should rule and be able to buy whatever the fuck we want to buy with it, d'you know what I mean, if I give some flip flop wearing spanner a pound coin with the queens head on it then in exchange he should give me whatever the fuck I ask for, innit.

spot on -guvner

Originally Posted by Bobcock

Originally Posted by chingching

i pine for the days it was 80-90s at the crash in 97 ..fu c k 50 ,thats piddling money

93.xx was the biggest rate I ever got, lent someone some money at that rate, they were paying back for years to come, paying for my trips here after it was down in the 70's....

i actually got 103 at the peak but nobody believes me , it onlly lasted at that rate for 10 minutes then dropped back .
i pity guys buying/building property now at 40s ish

This guy was wrong in his forecast. Hopefully he remains so.

Thai Baht Hits All-Time High Against The Pound, Looks Set to Keep Rising

Fri 19th April 2013
Moreover, it looks as though the Thai baht will continue its rise this year. This is because:
1. The United States and Japan are printing huge sums of money, in an attempt to prop up their ailing economies.
This will further lift the baht, as this money makes its way to Thailand, where profits are higher.
2. Thailand's central bank may raise interest rates later this year, to fight inflation of 2.8%.
This could send the baht higher, as higher interest rates make a currency more profitable to hold.
3. The World Bank has upgraded its growth forecast for Thailand this year +0.3% to 5.3%.
This may strengthen the baht, because 5.3% growth is so much higher than that of the UK, US, Eurozone or Japan.
Therefore, look for the Thai baht to continue rising against sterling this year!
Keep up to date

Thai Baht Hits All-Time High Against The Pound, Looks Set to Keep Rising

Originally Posted by chingching

i actually got 103 at the peak but nobody believes me

Maybe because you are talking complete bollocks.

The absolute highest the GBP/THB exchange rate reached was 89 (and that was the inter bank rate) in Jan 98. Typically it was mid 70's after the crash until the slow decline we have seen since.

I think the fear of inflation and the stop of the QE by the EU and the US Central Banks is putting a lot of pressure on all those overvalued Asian currencies

agreed

Philippine Peso still dropping against the USD. 44.15/$1 today. First time it's broken the 44 line in quite a long time.

Originally Posted by Gerbil

Originally Posted by chingching

i actually got 103 at the peak but nobody believes me

Maybe because you are talking complete bollocks.

The absolute highest the GBP/THB exchange rate reached was 89 (and that was the inter bank rate) in Jan 98. Typically it was mid 70's after the crash until the slow decline we have seen since.

When I was back the the U.K a good few years ago , I did check the Baht /Pound exchange rate occasionally and for a few days during some unrest in Thailand it skyrocketed to about the 100 mark , I then checked a few days later and it was back to the normal rate of about 70 .
As I was just casually checking the exchange rates , I thought that I may have mistakenly looked at another currency , Im still not sure whether I did or not .
It was 70 one day , 100 the next and then back to 70 a few days later......but I may have been looking at the wrong currency in the middle .

^
You were not mistaken.
The baht did go past the 100 mark but only for a very short time.

And since then, like everyone else I expect , I ve been thinking.......Why didnt I...do I have to write it ?

Perhaps this might shed some light on why the baht is falling:

Emerging market rout threatens wider global economy - Telegraph