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Home » Thailand in general » Euro to lowest level in months
Euro to lowest level in months
Anyone who is going to exchange money in Thailand will see that they get a lesser exchange rate than a while ago. The euro is now around 38,55 baht. Has the baht become more expensive? No, the value of the euro fell sharply on Tuesday afternoon. It reached the lowest level against the dollar since the end of April.
In afternoon trading, the euro was at $1,0695, up from $1,0765 earlier in the day. This made the European currency worth less than USD 23 for the first time since April 1,07. In mid-October, the euro was still trading at around USD 1,15.
The fall of the euro is related to the diverging monetary policy in the United States and the eurozone. The prospect of higher interest rates in the US makes the dollar more attractive to investors.
Although annoying for expats and holidaymakers in Thailand, the low euro also has advantages. The cheaper euro could benefit economic growth in the euro countries, as their export goods become more attractive to buyers outside the monetary union.
Waiting to see if it all stays that way. Well, there are 3 things going on:
1) the Dollar rises against the Euro because last October 271 thousand new jobs were created in the US. That was 100 thousand more than analysts had predicted in advance. As a result, unemployment falls from 5,1 to 5 percent – the lowest level in 7,5 years. Macroeconomically, this is regarded as full employment, with wages expected to rise due to a lack of labor supply. That signal is also positive. In October, the average hourly wage increased by 9 cents or 0,4 percent. It means that wages have increased by 2,5 percent over the last twelve months. This is the largest increase since 2008.
2) If the Federal Reserve actually raises interest rates by a quarter of a percentage point next week, a second positive signal will be added, and there will be a historic turning point. Since the 2007 crisis, interest rates have only fallen to 0 percent in the US and Japan and almost 0 percent – 0,05 – in the eurozone. The increase in interest rates will give the dollar an extra boost.
3) The ECB in Frankfurt still has the policy of aligning the Euro with the Dollar in 2016. In that sense, the developments in the US are not inconvenient for the ECB, especially since the bond buying programs are not running smoothly.
But in the end, the effects of, for example, the job growth of recent months and the upcoming interest rate rise will prove to be no more than temporary boosts and the results have all yet to take root in the US economy. It really doesn't suddenly get that much better from a single jobs number. The interest rate hike had already been suggested, and the ECB is, as usual, cautious. In short: to be continued, but for those who now have to switch, it is a bit of a break from the event.
soi,
Well displayed, but still something is missing.
If more and more workers are added to the USA, even now, as stated, no more unemployment.
How is it possible that the debts of the USA keep increasing, so the budget deficit is increasing. so much so that the budget ceiling was recently raised again.
Systematically there is something wrong both in USA and other countries with their monetary policy. After all, you can't just keep printing money with impunity.
Trillions of debt must be eliminated by those countries, there is only one way to do that.
The entrance to WW3 has started but a little longer ago. USA has lost its position of power and they want it back. You see that in everything that happens in the world.
Europe sucks even harder on the USA's bullshit and clatter than Monica lewensky did with Bill Clinton, you know how dangerous that can be and the citizens will only suffer from it.
Draghi is an Italian, if you know the culture of the Italians you know that people first eat and drink a lot and only then do business. So, with a full and satisfied feeling, we plunge Europe into the abyss.
The world is bankrupt, the possibilities are being sought to confiscate the money that is with the population in such a peaceful way to avoid a WW3. But how long will this be stolen???
Gr. Roel
And that while a month ago the experts were still shouting Hosanna.
.
https://www.thailandblog.nl/geld-fanancien/euro-wordt-meer-waard/
If only we had that crystal ball.....
For the “technicians” among us: from ING- Monday, November 9, 2015 13:06
AMSTERDAM (Dow Jones)–The short-term picture for the euro/dollar pair has weakened significantly recently, but trading above $1,03, the bottom of the 9-year long-term trend channel, the euro is holding a recovery scenario, said technical analyst Roelof-Jan van den Akker of ING Commercial Banking. Van den Akker points to the recent break below $1,1070 on October 23 this year. This is the bottom of the rising trend channel dating from March 2015. The euro was in a recovery scenario after the bottom of $1,0458 in March this year, but that has now ended for the short term. A close below $1,08 confirms this view. $1,0535 is then the next horizontal support. This is followed by $1,0460 and $1,0420 as the next price targets. Van den Akker's vision for the long term is unchanged. The euro is trading at $1,0779 on Monday. ([email protected])
The ECB's objective is to bring inflation to 2% through QE, the bond buying programme. The result has been disappointing so far and new measures will be announced in December to achieve this target more quickly. You may wonder what those measures could be because the toolbox of the central banks has now become empty. The buy-back program may be expanded. Whatever happens, the Euro will not get any stronger. The dollar/euro parity is determined by the market and is not an objective of the ECB.
In itself, the value of the euro is of course important, but in the end it is about how many Baths you get for a euro.
In mid-March it was a historic low of 34,5. After rising to 41.4 at the end of August, we are now at 38.4.
At the end of 2008, he was once 51,2.
Dear Tom. I couldn't put it better than you did. It is about the euro baht exchange rate. The dollar is almost rising against all currencies in the world. The exchange rate of the € against the baht has been fairly stable in recent months.
You have a point there.
The dollar is now just as high against the euro as it was more than six months ago when we received 34.5 baht for one euro.
The dollar has now appreciated against both the euro and the baht.
Via the link the development of the number of baht per dollar over the past year.
.
http://www.xe.com/currencycharts/?from=USD&to=THB&view=1Y
That's about right in Fransamsterdam.
Today the dollar is at 1,0721 against the euro. And that is exactly the same as on April 23.
But now the baht stands at 38,492 compared to 34,745 on April 23.
So don't let yourself be guided too much by the price movement of the dollar, but pay particular attention to how the baht moves.