Pound to the bht

I noticed today that the pound to the bht took a battering, yesterday it was around 65 ish (offshore), today it was 61 (offshore), probably because the dollar has gained ground to the pound probably due to bad economic figures in the UK re: housing. I noticed in Thailand you could get 69 ish bht (onshore) to the UK pound, bet tomorrow it will be in the region of 65 (onshore). Be interesting to see.

[ikarus]

Both UK pound and Canadian dollar are going down versus US dollar and hence Thai baht as I predicted in the thread US dollar. US dollar regained parity with loonie. Both currencies (loonie and pound ) are going much lower. No surprises for me here. There is a good chance that BOE will cut interest rate to 5.5 tomorrow. Canadians has already done it.

... I've just done a little research, the onshore rate has only dropped about 1.5 bht to the pound, so it may not be as bad when markets open in Thailand tomorrow. But I think the global picture is not as pretty, the US has started the "ball" rolling now. I think 2008 is going to be tough for all countries, its dripping over to the UK now, and certainly Europe has been affected with the doubling of the value of the Euro to the dollar in the past few years. I was in the process of buying 4 properties in Malaysia but certainly that is off the cards for the next 18 months at least.

... the doubling of the value of the Euro to the dollar in the past few years ...You mean it's gone from 100 Euro to 200 Euro????? When?

[ikarus]

... I was in the process of buying 4 properties in Malaysia
It may be not so bad idea. By the way, among a huge variety of pandits commenting on current situation I personally trust to Mark Faber (who is based in Thailand) and Jim Rogers (who just moved to Singapore. IMHO they have an excellent understanding of precisely the situations developed currently on world markets.

I happened to check Bangkok Bank yesterday for some friends in the UK and the rate to the UK Pound was 68.8 baht. I just checked today and it is 67.3.

I heard on the news that the UD dollar has strengthened after some positive reports on the economy. Is that related?

... the doubling of the value of the Euro to the dollar in the past few years ...You mean it's gone from 100 Euro to 200 Euro????? When?

without going overboard, the value of the Euro has increased dramatically over the past few years to the dollar.

[ikarus]

I happened to check Bangkok Bank yesterday for some friends in the UK and the rate to the UK Pound was 68.8 baht. I just checked today and it is 67.3.

I heard on the news that the UD dollar has strengthened after some positive reports on the economy. Is that related?
Yes, to some extent. Though it is not clear whether the economic situation is improving in US. However, what is much more relevant is a rapidly deteriorating economic situation in UK. Today BOE cut the interest rate to 5.5 as I correctly predicted in this thread which is a reflection of this deterioration. More cuts follow in 2008. This, combined with twin deficit in UK should lead to fast decline of UK pound vis-a-vis Asian currencies, baht including.

... the doubling of the value of the Euro to the dollar in the past few years ...You mean it's gone from 100 Euro to 200 Euro????? When?without going overboard, the value of the Euro has increased dramatically over the past few years to the dollar.I rather thought "the doubling of the value" = "going overboard". We expect higher standards from you high-powered FX trader City types, WhiteDesire

... if only you knew ...

[Brad the Impala]

... if only you knew ...

I thought it was a high powered legal company. Haven't they just saved someone on Death Row?

.. yes they did.

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