Gaybutton Posted January 22, 2008 Posted January 22, 2008 Apparently the current downward trend of the US stock market has also had its effect on the Asian markets. Yesterday, the baht to US dollar exchange rate closed at 32.88. This morning the baht opened at 32.90. Less than an hour later, the exchange rate reached 32.99. Now, two hours later, the exchange rate has reached 33.01. We'll see what ends up happening. As of this post the exchange rates are as follows: US dollar: 33.01 Euro: 47.505 British Pound: 63.925 Australian Dollar: 28.2425 Canadian Dollar: 31.7525 _____ Closing Rates: _____ US dollar: 33.01 Euro: 47.505 British Pound: 63.90 Australian Dollar: 28.11 Canadian Dollar: 31.7325 Quote
Bob Posted January 22, 2008 Posted January 22, 2008 I don't have a clue what will happen with the baht (my tea leaves are too murky) but the asian stock markets have joined the dive (and perhaps losing a larger percentage than has the US market). I'm guessing that will have some effect on the baht but only god or buddha may know that. I'd guess that the baht will start appreciating in about 2 weeks to coincide with my arrival in LOS. Happens every damn time the last year or two....hehe. Quote
PattayaMale Posted January 22, 2008 Posted January 22, 2008 I need the baht to hit 34 so I can by by Garmin GPS. So please stay glued to your computer and kindly let me know when this happens. By the way, thank you for posting about the GPS. I also took a look at http://www.thaivisa.com where many posters agree with you. Oh and if Geezer reads this, maybe he will let us know what model he has. He always seems to get the best there is and it is so much simpler to do what he does than spend so much time searching the web. Quote
Gaybutton Posted January 22, 2008 Author Posted January 22, 2008 I need the baht to hit 34 Less than a year ago the media was predicting the baht would be at 42 to the US dollar by now. Famous last words . . . Quote
Gaybutton Posted January 22, 2008 Author Posted January 22, 2008 The following article might be the explanation for the sudden reversal of the baht and its weakening. Although it didn't weaken by much today, at least it weakened at all. There's a good chance it will weaken further. The bottom is dropping out of the Asian stock markets. Despite what's going on in the USA stock markets, the baht seems unable to hold onto its previous strength. Well, good! I hope the baht becomes very weak against the US dollar. If that happens, I just hope it happens before the bottom drops out of the dollar. Here's the article: _____ Thai Shares Tumble in Second Day of Global Sell-off BANGKOK, Jan 22 (TNA) The Stock Exchange of Thailand (SET) plunged nearly 25 points to close 3.26 per cent lower on Tuesday in alignment with global bourses as investors attempt to shed risky holdings in the face of a not only possible but an increasingly likely economic recession in the United States. The sub-prime lending crisis that won't go away saw the SET composite index falling 24.99 points to 741.54 and the blue-chip SET-50 lost 19.40 points to close at 531.45. Anticipating further drops when New York reopens tonight Bangkok time, investors moved to unload vulnerable positions. Indices fell in Tokyo by almost six per cent, Hong Kong's Hang Seng fell 8.7 per cent, Australia's market lost 7.1 per cent, Shanghai dropped 7.2 per cent and India's main indices lost four per cent Tuesday, while Jakarta registered an 8.5 per cent loss. In part Asia's investors are fearful that the sinking US economy will mean markedly reduce markets for the region's exports. KGI Securities executive Adisak Kammoon said investors worldwide had slimmed their portfolios in concern about the sub-prime lending woes and the economic recession in the US. Mr. Adisak said he believed global stock markets would continue to fall in the first quarter of this year since the selling pressure by the investors appeared to continue unabated, leading foreign investors to dump shares in the Thai bourse for the second time of this year, having already unloaded Bt 30 billion in shares during the first round January 2-18. He was uncertain to what extend foreign investors would dump their shares in the second round, and advised investors looking for long-term investment stocks to slow their buying because stock prices are likely drop even further. (TNA) Quote
Gaybutton Posted January 25, 2008 Author Posted January 25, 2008 Unfortunately for the US dollar, it didn't last long, although the other currencies seemed to fare better this week. The closing rates as of Friday, January 25 were: US dollar: 32.84 Euro: 48.26 British Pound: 64.91 Australian Dollar: 28.84 Canadian Dollar: 32.3625 Quote
