USD tanking against Thai baht.

[urleft]

Unfortunately for UK Expats the Pound is tanking.   We have a saying in America, "Freedom is not Free"   Best of luck to you all. 


 Sterling hits new 31-year low against the dollar

Last time the pound was lower was in June 1985, but still a way off the record low against the dollar of $1.0520 in March 1985


https://www.theguardian.com/business/2016/jul/06/brexit-pound-plunges-to-30-year-lows-as-eu-fears-bite-into-global-markets-again#comment-78360904


The pound sank to a fresh 31-year low against the dollar on Wednesday amid growing signs that the shock Brexit vote is already damaging the UK economy.

Sterling hit a low of $1.2796 at one point as investors lost confidence in Britain’s future outside the European Union and piled out of the UK currency.

The last time the pound was lower was in June 1985, but it has still got a way to fall before hitting its all time low against the dollar of $1.0520, struck on 1 March 1985.

Sterling has plunged almost 15% since a poll published on 23 June – the day of the referendum – wrongly indicated Britain had voted to stay in the EU, pushing the UK currency above $1.50. The pound also fell to a near three-year low against the euro at €1.1741.

On the stock market, there were fresh falls for housebuilders, which have been hard hit since the referendum result, and the suspension of three major commercial property funds. M&G Investments and Aviva Investors barred investors from withdrawing cash from their property funds on Tuesday amid fears of a crash in the commercial property market and Standard Life made the same move a day earlier.

In early trading on Wednesday Barratt Developments was leading the FTSE 100 fallers, down by over 5%, while Taylor Wimpey fell 4%. The FTSE 100 was up 0.3%, at 6563, but the more UK-focused FTSE 250 index was down again, falling 0.5% to 15660.

Sterling’s slide came amid worrying signs the UK economy is already suffering from the Brexit vote.A closely watched survey published on Tuesday showed growth in the UK services sector – which accounts for more than three quarters of the economy – was the slowest in three years in June. Companies reported “intensified” anxiety in the runup to the referendum.

Michael Hewson, chief market analyst at CMC Markets, said: “The pound has continued to come under pressure in the past couple of days sinking to new 31 year lows.

“The suspension of commercial property fund redemptions by a number of big players has precipitated a broader sell off in the UK property sector including house builders and other asset managers.

“Combined with a warning that some Brexit effects were already starting to crystallise and this week’s slowdown in recent economic data we’ve seen a bit of a domino effect in locally exposed sterling assets, as well as risky assets generally across the world.”

The pound also fell against the Japanese yen on Wednesday, hitting a three-and-a-half year low of 128.81 yen.

Concerns about the impact on already fragile global growth spread to commodity markets. After oil prices shed 5% on Tuesday, Brent crude fell further on Wednesday to $47.57 a barrel, before recovering slightly to go back above $48.

Investors rushed to safe-haven sovereign debt and took markets deeper into unknown territory.

[Starman]

Indeed the pound is losing, as expected.

Give it 2 years and it will be booming.

[urleft]

Well the USD is slowly tanking again, current rate is about 34.6 to $1, about 1.5 baht difference from last year. 

If you check past postings here you will see the USD usually peaks in Dec.  Will be interesting to see how the election affects things.  I'm in a wait and see mode. 

[davureborn]

Indeed the pound is losing, as expected.

Give it 2 years and it will be booming.

The pound is at about the same rate against the Euro which some of us might think to be more important, as it was in 2012.
http://www.xe.com/currencycharts/?from=EUR&to=GBP&view=5Y.
More or less the same for THB / UK pound.

[urleft]

Within a week I made a transaction on my Barclay Credit card and the exchange rate was 34.58 and then I did a money transfer from the USA to Bangkok Bank, the rate was 34.40. 


Looks like I need to use my CC more. 


The fallout from this is that if you are an American, I highly recommend the Barclay Arrival card:
http://www.findmybarclaycard.com/barclaycard-credit-cards/arrival-plus

Great exchange rates and great rewards, I am over $500 cashback this year so far. 


BTW, if you apply Please PM me before hand so I can get a referral benefit.  Otherwise have at it, I find it a great deal. 

[urleft]

There is a saying that: it's an ill wind that blows nobody any good

There has been a surge against the baht, and now the King died.  How will the baht react?   I have a gut feeling the baht is going to fall.  And if you line this up with the previous yearly exchange rates in December, it might be a good transfer time. 

Unfortunately I transferred 2 weeks ago, should have waited. 

[urleft]

Super Rich has the baht exchange at 35.42 to $1, that is basically up a baht from my last posting. 

With all the factors involved, I don't have a good prediction on next's month's rate.  It normally is up, however, with the Trump surge will it still go up?  Not sure. 

That said, I am prepared to do transfer if the rate climbs above 36. 

[urleft]

Well it is December, usually when the USD peaks, at least from when this posting started.  Yes it is up to 35.6 but not any recent significant increases. 

My prediction is that Trump will do something really bonkers in the 3 months and the rate will jump.  How about at least 37+ to $1 before April? 

Making this prediction gives the hairy ursine a great chance to berate me. 

[Ahab]

Well it is December, usually when the USD peaks, at least from when this posting started.  Yes it is up to 35.6 but not any recent significant increases. 

My prediction is that Trump will do something really bonkers in the 3 months and the rate will jump.  How about at least 37+ to $1 before April? 

Making this prediction gives the hairy ursine a great chance to berate me.

I hope you are correct because that is about the time we will need to transfer cash into Thailand.

[urleft]

Well it is December, usually when the USD peaks, at least from when this posting started.  Yes it is up to 35.6 but not any recent significant increases. 

My prediction is that Trump will do something really bonkers in the 3 months and the rate will jump.  How about at least 37+ to $1 before April? 

Making this prediction gives the hairy ursine a great chance to berate me.

I hope you are correct because that is about the time we will need to transfer cash into Thailand.

Well the dollar looks like about to exceed 36, but I believe it will get to more.  May have a big surge on 20 Jan. 

[urleft]

Well the dollar looks like about to exceed 36, but I believe it will get to more.  May have a big surge on 20 Jan. 

Well so far it looks like I am doing a nookie and failing in my prediction.  But I continue to have faith the rates will rise.  Luckily I don't need to transfer for several months. 

[DeputyDavid]

Reports that the dollar would hit 36 baht by June are not so accurate. Today BB shows down to 33.93. WTH??

[urleft]

I lucked out and got over 34 to $1 last month.  However the rate has droped to around 33.5 to $1.   

But I am back to my observation that December can be a great month to transfer.  However, if the rate sucks I am prepared to mitigate and wait.

Just to go back to an earlier post: 

To bad for those on fixed incomes. 

For those that are still planning retirement, I recommend a mix of:

- Pensions (these are fixed income, you can be hurt on exchange rates).
- Retirement Savings (if your country allows, I urge you to invest in them).
- Current Savings, this is money you have in regular bank accounts.
- Investments, this includes stocks, bonds and property. 
- Local money.  This can be both money converted to local currency in a Thai Bank and money earned from a Thai business.   

If you have a mix of these, you should be able to weather economy storms.  But if you just depend on one or 2, you can really be hurt by the exchange rates. 

But if you look at the decade view, it seems they exchange rates invert about every 10 years (+/- 10 years).  So the rates should get better.

However, that does not mean the exchange rates cannot tank a lot more, I have heard a prediction of 20 to 1 baht to USD.  That will hurt me, but not devestate.  I can continue to live the LOS, but just not as good as I hoped. 

I wish you all well in overcoming the current rates. 
 

Good luck to you all on living here. 

[urleft]

Some sliding going on, USD down to 33.3 and falling.  As I mentioned I got over 34 just last month. 

Hope the December surge comes about.

[urleft]

Unfortunately still tanking.  Headed for 32, now at 33.09. 

http://bankexchangerates.daytodaydata.net/default.aspx

If you haven't checked this site it breaks out the individual exchange rate per bank.