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Post by Fletchsmile on Oct 3, 2016 16:43:58 GMT 7
Pound Slides on Brexit Angst as Stocks Show Contagion ContainedU.K.’s May says Brexit process to start by end of March
Base metals extend gains after entering a bull market
The pound slid at least 0.7 percent versus all of its major peers on concern Britain may face a so-called hard Brexit after British Prime Minister Theresa May pledged to start pulling the U.K. out of the European Union by March. Contagion to other global markets was limited, leaving bonds little changed and equities rising with oil and metals prices.
Sterling dropped by the most in two weeks, helping support British shares. The MSCI All Country World Index added 0.2 percent as stock markets rallied in Asia, reacting for the first time to a report that Deutsche Bank AG would face a smaller fine than feared from the U.S. Department of Justice. Crude oil rose for a fourth day, boosting the currencies of commodity-exporting nations. Markets in China, Germany and South Korea were shut for holidays on Monday.
contd.
www.bloomberg.com/news/articles/2016-10-02/asia-futures-tip-stock-gains-on-deutsche-bank-rally-pound-falls
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AyG
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Post by AyG on Oct 3, 2016 17:08:04 GMT 7
Perhaps more pertinently for some of us, the baht has fallen from 53.08 at the start of the year to 44.63 against Sterling - a fall of 15.9%. (Data from xe.com)
When I looked at my portfolio valuation at the end of last month, I was pleased to see it was up just over 1% over the month in Sterling terms. However, converting that to baht, I was less pleased to see it was flat thanks to the shift in exchange rate.
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Post by Fletchsmile on Oct 4, 2016 10:24:18 GMT 7
I'm never that worried about exchange rates. Brexit has been an unexpected boost to us though, and really helped investment returns in GBP terms. YTD we're up over 21% in GBP terms, and somewhere around 6% in THB terms. Another nice reason to be living and investing in Thailand  More Brexits please  |
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Post by Fletchsmile on Oct 7, 2016 10:29:01 GMT 7
Pound dipped briefly below 1.20 vs USD this morning ...
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siampolee
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Post by siampolee on Oct 7, 2016 11:35:56 GMT 7
I still stand by my belief that is a case of, ''Short term pain, long term gain.'' I have always based my finances on a 42 baht to the pound setting, which at the time my affairs were coming together that was the then exchange rate, Let's wait a while then when the currency speculators and the financial warmongering terrorist Soros and his despicable ilk decide to cash in their holdings or their fingers get burnt things will then improve. This crisis is not over by a long chalk and its affects will be worldwide in their ramifications, fasten those financial set belts and be prepared for the upcoming bowel moving white knuckle financial ride. I am speaking as a laymen who can well remember visiting our staff and our tenants houses and seeing the biscuit tin household economy system which served all of them well. They like me were not financial pundits, but they knew how many beans made five.   |
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Post by Fletchsmile on Oct 7, 2016 13:40:27 GMT 7
Pound was down as low as 1.1841 at one point vs USD according to BloomBerg. At the same time USD vs THB was 34.85 So using these two: GBP v THB at that time was around 41.27 , even below your 42 SP  Graphs from BBerg below, but can't see the low so clearly. The lowest you can see is 1.1985 www.bloomberg.com/quote/GBPUSD:CURwww.bloomberg.com/quote/USDTHB:CUR |
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AyG
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Post by AyG on Oct 7, 2016 13:44:18 GMT 7
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siampolee
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Post by siampolee on Oct 7, 2016 13:46:31 GMT 7
I think the pound will fall further yet but as said it will rebound. Well if it drops below my bench mark of 42 to the pound I shan't be to worried as I do have secure income here in Thailand. I'll weather the storm.  |
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siampolee
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Post by siampolee on Oct 7, 2016 13:48:55 GMT 7
AyG . I find XE probably the most accurate bench mark for money and have don so for some 8 years. beats McWallet fiance expertise I'm sure!!  |
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Post by Fletchsmile on Oct 7, 2016 13:49:29 GMT 7
For a lot of these charts you can't always clearly see the lows (or highs). Part of it is the time intervals set. Bloomberg had the same problem on the links I posted. XE can be set down to 10 min intervals as dar as I can see; Bloomber 5 mins. This all happened in a couple of mins Here's the article saying it went as low as 1.1841 vs USD ; USD/THB has been ball park 34.85 give or take 0.05 today ============================================================================= Flash Crash of the Pound Baffles Traders With Algorithms Being BlamedMove “caught the market wrong-footed”: Westpac’s Killen British currency tumbles to lowest level since March 1985 Two minutes of chaos in Asian trading sparked a plunge in the pound to a 31-year low, with traders saying the slump was exacerbated by computer-initiated sell orders. The 6.1 percent decline, the biggest since voters chose to leave the European Union, drove sterling as low as $1.1841, according to composite prices compiled by Bloomberg using contributions from a range of dealers. With the currency already in freefall amid concern about a so-called hard Brexit, Friday’s slide took it the weakest level since March 1985. At least one electronic trading platform recorded a transaction at $1.1378, said traders, who asked not to be identified because they aren’t allowed to speak publicly. The extent and speed of the drop adds to signs that bouts of extreme volatility are becoming more commonplace in the global currency market as the volume of transactions dwindle and algorithmic traders pick up market share. In January, the South African rand tumbled more than 9 percent in 15 minutes before rebounding, while New Zealand’s dollar had its own flash crash last August. “In a word, frightening," Karl Schamotta, director of foreign-exchange research and strategy at Cambridge Global Payments in Toronto, said in an e-mailed response to questions. “Confidence in the currency markets has been badly shaken once again, and any trader who rode tonight’s roller-coaster will certainly question the quality of liquidity going forward." contd. www.bloomberg.com/news/articles/2016-10-06/pound-plunges-6-1-percent-in-biggest-drop-since-brexit-result |
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AyG
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Post by AyG on Oct 7, 2016 14:35:35 GMT 7
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Post by Fletchsmile on Oct 17, 2016 14:27:50 GMT 7
Pound was back below 43 vs THB again for quite a while this morning.
Managed to claw back above 43 again but it didn't last long and is below 43 again
www.investing.com/currencies/gbp-thb
Might not be long before we go thru 42
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smokie36
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Post by smokie36 on Oct 25, 2016 8:34:50 GMT 7
I've just checked my budget for this winter and it shows I will only be able to afford 26 beers a day....down from 28 last Xmas.
Oh for the halcyon days when I would go straight to the pub after my morning Samui swim in my budgie smugglers and leave at 3am!
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siampolee
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Post by siampolee on Oct 25, 2016 9:55:16 GMT 7
I'm reliably informed that some folks here in Thailand have had to readjust their lifestyles and modes of transport accordingly. From this.  And now to this.  |
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More Brexits please 
Graphs from BBerg below, but can't see the low so clearly. The lowest you can see is 1.1985
