HHAD
29 May 09
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WEEKLY
ABSENT WITHOUT LEAVE FOR THE EXPAT IN ALL OF US What’s happening, and might be happening, in Hua Hin
Is The Tide Turning?
Baht starts to weaken against pound and Euro, but pain worsens for US dollar earners
HUA HIN, THAILAND The last year has been a horrible one for anyone using pounds or Euros and a whole host of other currencies in Thailand; the baht has been incredibly strong despite the internal strife that has been afflicting the country. This is largely down to the comparative weakness of the economies in the UK, Europe and elsewhere, but it seems that there are now the first glimmers of hope for expats and tourists that Thailand will once more become a ‘cheap’ destination, except for the unfortunate US dollar holders. Looking at the graphs above and below, these show the fluctuations for the pound, Euro and US dollar over the last 12 months against the baht. It clearly shows that since the long and sharp decline of the pound and Euro last year, which bottomed out around February this year, there has been a slow but steady rise in those currencies against the baht. The dollar on the other hand has been the complete opposite, with a general trend upwards
DOLLAR - BAHT
POUND - BAHT
until March this year, and a steady decline since. Given that the majority of both expats and tourists coming to Hua Hin and Thailand are from the UK and Europe, this has to be good news both for them and the Thai economy, particularly the tourist industry of course. It will also be good news for Thai exporters who have been squeezed by the strength of the baht, making their goods up to 30% more expensive abroad in the space of a year. See page 4 for the latest exchange rates for a range of currencies. EURO - BAHT
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