Currencies - What the hell is going on?

[azza33]

Quote now for Australian Dollar from Bangkok Bank~

AUD   Australia   23.87000  24.39250

I mean for fucks sake!

In June it was hitting 32 and now look at it!

I've never seen it this bad~

How can the Australian dollar devalue 25% against the Thai baht in a couple of months.  

This is madness and irrational market behaviour at its worst.

The Aussie economy is one of the few in the "western" world which is actually going along okay.

I'M PISSED OFF

[negative bastard]

Quit complaining, mate. I read today that Zimbabwe's annual inflation rate is 231,000,000%.

[Masahiko]

Join the club, the Yen and Dollar have been taking a beating for 18 months now. I would hope investors would be worried a little about the political situation in Thailand and all of our money would be worth a little more but it has barely shaken the Baht so far.

[Snick]

Its because of the strength of the US Dollar, backed by our sound financial system and wise political leadership.

[azza33]

(Snick @ Oct. 09 2008,19:22) Its because of the strength of the US Dollar, backed by our sound financial system and wise political leadership.

Don't even get me started on those retards.

Those twits are going down the same path that Japan did in 1989...

Yup ... lets head to zero interest rates and wreck the economy all together....

Cut rate... yes that an idea... for what... christ it means nothing...

Todays headline on Bloomberg....

Libor Dollar Rate Jumps to Highest in Year; Credit Stays Frozen

Rate cut did fuck all.... good one guys... any more bright ideas over there

As Pigdogg said so perfectly, it not a rate problem.

These guys are all tools


All they are doing is spoiling my next trip to

Less bang for my buck and i don't like it!

[TTChang]

Just checked Kasikorn website for TT rate ... wish I hadn't     59 baht to the £

Have to curtail my activities   by the same amount ... or go get some discounts  

[Snick]

Discounts should be available ! its slow season

[azza33]

Will there even be a high season at this rate???

[Snick]

(azza33 @ Oct. 09 2008,19:47) Don't even get me started on those retards.

Those twits are going down the same path that Japan did in 1989...

Yup ... lets head to zero interest rates and wreck the economy all together....

Cut rate... yes that an idea... for what... christ it means nothing...

I was talking to a friend Monday, I said it would be pointless to cut rates right now, since the credit is all locked up, so who cares what the rate is. Once the banks start lending, THEN lower interest rates - like a shot of adrenaline. So not only was it pointless to do now, it also makes it harder to do when it would be useful.

As for Japan Trap, they are avoiding that mess FOR NOW. But they are a lot of people asking for the suspension of "mark to market", which would allow the banks to sit on these dud assets for 10 years and pretend they were worth something...and that's exactly path Japan took.

And don't get me started on McStoopids latest "idea" of buying up individual mortgages AT FULL PRICE and then re-issuing them at 50%.

[Snick]

(azza33 @ Oct. 09 2008,20:06) Will there even be a high season at this rate???  

Doubtful.

Arrivals and future Hotel bookings were already down, and that was before this weeks violence here, which will scare off the Asian tourists.

I'm sure announcing that New Years will be dry this year, and limiting bar hours from 6pm to 1am will also help matters.

[azza33]

If the baht keeps up this caper, i'm heading to the Philippines again.

We've been assraped there also but at least i can scrounge 32 peso to the dollar

[Stogie]

The good hotels will be full as usual, at least over Xmas and New Year. The cute lbs will make a good living.

Only the dross will suffer. As Pattaya is 99% dross then it will suffer!

[geosight]

couldn't agree more re Aussie dollar , what the fuck . And I work for an Aussie company starting work in Hong Kong in Jan 09 . So at this stage it doesn't look good .

As for the strength of the Thai baht , still cant understand why the currency is so strong and as yet no one has given me a plausible answer as to why ! ... All the indications are there that it should start to fall , yet doesn't

and to fuck me right off , you had the a leading adviser from comsec come out in August and say that the aussie dollar would surpass the green back by mid December 08 ... yeah, I can really see that happening ,,,

[daveduke007]

(TTChang @ Oct. 09 2008,14:01) Just checked Kasikorn website for TT rate ... wish I hadn't     59 baht to the £

Been looking at the rates everyday for a fortnight TT and the highest its got is nearly 61 baht to the £1  

Hope it improves by the 29th Oct   , last november I was getting 68-71 baht to the £1

P.S.> Will still buy you a beer if your in the Guess Bar on the 30th mate

[rossco]

Are the 3 shmucks, from Lehman Brothers, who left with 18 million dollars in bonuses, 3 days prior to going bust, in Thailand yet?

If the other banks follow suit then the Federal payout will just about cover the bonus payments for the incompetent execs who ran the bank into ruin.

If a Lawyer commits malpractice he is barred. If a Doctor is negligent he is dismissed from the medical system. If a banker fucks up he gets a bonus.

What a system the US have.

So consumerism finally hit the wall at high speed. Credit is equal to printing money with nothing to back it.

So Americas poor business sense drags the whole world economy into depression - Doh, I think they did that back in the 30's.

The sooner the rest of the world moves away from the volatile US dollar, as the base currency from which other countries weight their currency, and the price of oil, the better. Use the Euro as a base currency and the price of oil would have been more stable.

I enjoyed the commentator, on CNN, who replied, when asked why oil had fallen from a high of 150 to 90 in 6 weeks; Demand has fallen! Must be a joke.

Hands up all those on the forum who reduced their oil based consumption by 40%?

American financial policy, politics and Internationalism is at a real low. I hope the current president disappears into the bush.....