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Join Me
Joined: 14 Jan 2008
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 Posted: Tue May 20, 2008 5:08 am Post subject: Question about Australian and Korean currency |
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Can anyone explain this article to me.
http://english.chosun.com/w21data/html/news/200404/200404220027.html
According to the article it is bad that the Australian dollar went from 1.70 to 1.30 compared to the US dollar. If you can buy more US dollars with one Australian dollar wouldn't this mean you could by more Australian dollars with less won? The article says it now costs Koreans more to live in Australia. Please explain this in a way my simple mind can understand if you could please. Also, has the direction of the Australian dollar hurt Australian instructors sending funds home to Australia from Korea? |
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supernick
Joined: 24 Jan 2003
Location: Seoul
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| Posted: Tue May 20, 2008 6:32 am Post subject: |
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| Simple. Koreans are converting won to A$$ bucks. It before, Koreans could buy an A$$ for 700W and now it's costing around 900W. That makes going and studying in Aus about 22% more expensive. If the A$$ is increasing in value, it will make Aus more expensive to visit, and it's even more expensive for Koreans because the Won has kind of gone to pot. |
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icicle
Joined: 09 Feb 2007
Location: Gyeonggi do Korea
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| Posted: Tue May 20, 2008 1:22 pm Post subject: |
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The current situation with the level of Australian dollar vs the won is that I can get more won with each Australian dollar and will get less Australian dollars with each won .... So good while using my Australian money in Korea and bad when I transfer money back to Australia ...
I know that last year I was getting around $1.30 for each 1000 won and now would get around $1.04 for each 1000 won.
So for Koreans in Australia accessing their Korean money they will be worse off than they would have been ... But Koreans in Australia who are sending money back to Korea will be better off in terms of won they will get |
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sojukettle
Joined: 23 Aug 2005
Location: Not there, HERE!
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| Posted: Tue May 20, 2008 3:03 pm Post subject: |
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Last year I would send 4,000,000krw to Australia and I would get around $5,200.00Aussie $.
Now, if I was to send the same amount I would get around $4,020.00.
so, basically lost almost $1,200.00
Sucks!
sk |
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AussieGav
Joined: 02 Sep 2007
Location: Uijeongbu
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| Posted: Tue May 20, 2008 8:04 pm Post subject: |
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| sojukettle wrote: |
Last year I would send 4,000,000krw to Australia and I would get around $5,200.00Aussie $.
Now, if I was to send the same amount I would get around $4,020.00.
so, basically lost almost $1,200.00
Sucks!
sk |
Yep I hear ya...... last year I could send money home to daughter and for bills and it was excellent almost easy to manage. Now its much more difficult, with the bank charges for transfers it is almost 1:1. Sucks. |
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jim_we
Joined: 06 May 2004
Location: Korea
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| Posted: Wed May 21, 2008 7:24 am Post subject: Re: Question about Australian and Korean currency |
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| Join Me wrote: |
Can anyone explain this article to me.
http://english.chosun.com/w21data/html/news/200404/200404220027.html
According to the article it is bad that the Australian dollar went from 1.70 to 1.30 compared to the US dollar. If you can buy more US dollars with one Australian dollar wouldn't this mean you could by more Australian dollars with less won? The article says it now costs Koreans more to live in Australia. Please explain this in a way my simple mind can understand if you could please. Also, has the direction of the Australian dollar hurt Australian instructors sending funds home to Australia from Korea? |
Did you notice the article was from 2004, genius? |
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Join Me
Joined: 14 Jan 2008
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| Posted: Wed May 21, 2008 7:31 am Post subject: Re: Question about Australian and Korean currency |
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| jim_we wrote: |
| Join Me wrote: |
Can anyone explain this article to me.
http://english.chosun.com/w21data/html/news/200404/200404220027.html
According to the article it is bad that the Australian dollar went from 1.70 to 1.30 compared to the US dollar. If you can buy more US dollars with one Australian dollar wouldn't this mean you could by more Australian dollars with less won? The article says it now costs Koreans more to live in Australia. Please explain this in a way my simple mind can understand if you could please. Also, has the direction of the Australian dollar hurt Australian instructors sending funds home to Australia from Korea? |
Did you notice the article was from 2004, genius? |
Actually, no I didn't. Not really sure how this changes my original question, but you are the self proclaimed expert on everything from the Asian economies to AIDS so maybe you can clear it up for me, huh jimmy? |
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jim_we
Joined: 06 May 2004
Location: Korea
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| Posted: Wed May 21, 2008 8:40 am Post subject: Re: Question about Australian and Korean currency |
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| Join Me wrote: |
| jim_we wrote: |
| Join Me wrote: |
Can anyone explain this article to me.
http://english.chosun.com/w21data/html/news/200404/200404220027.html
According to the article it is bad that the Australian dollar went from 1.70 to 1.30 compared to the US dollar. If you can buy more US dollars with one Australian dollar wouldn't this mean you could by more Australian dollars with less won? The article says it now costs Koreans more to live in Australia. Please explain this in a way my simple mind can understand if you could please. Also, has the direction of the Australian dollar hurt Australian instructors sending funds home to Australia from Korea? |
Did you notice the article was from 2004, genius? |
Actually, no I didn't. Not really sure how this changes my original question, but you are the self proclaimed expert on everything from the Asian economies to AIDS so maybe you can clear it up for me, huh jimmy? |
Nah, I've got to go out and bash some homos!  |
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Join Me
Joined: 14 Jan 2008
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| Posted: Wed May 21, 2008 8:47 am Post subject: Re: Question about Australian and Korean currency |
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| jim_we wrote: |
| Join Me wrote: |
| jim_we wrote: |
| Join Me wrote: |
Can anyone explain this article to me.
http://english.chosun.com/w21data/html/news/200404/200404220027.html
According to the article it is bad that the Australian dollar went from 1.70 to 1.30 compared to the US dollar. If you can buy more US dollars with one Australian dollar wouldn't this mean you could by more Australian dollars with less won? The article says it now costs Koreans more to live in Australia. Please explain this in a way my simple mind can understand if you could please. Also, has the direction of the Australian dollar hurt Australian instructors sending funds home to Australia from Korea? |
Did you notice the article was from 2004, genius? |
Actually, no I didn't. Not really sure how this changes my original question, but you are the self proclaimed expert on everything from the Asian economies to AIDS so maybe you can clear it up for me, huh jimmy? |
Nah, I've got to go out and bash some homos! |
OK. |
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jim_we
Joined: 06 May 2004
Location: Korea
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| Posted: Wed May 21, 2008 4:39 pm Post subject: |
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5 year chart of A$ = W
http://ichart.finance.yahoo.com/z?s=AUDKRW=X&t=5y&q=&l=&z=&p=m50,m200&a=v
Currently, the won = Aussie $ ratio is nearly one to one. The exchange rate is nearly equal to what it was in Jan 2004.
AUDKRW=X
May 21, 2008...............1,000.7(bi)...........1,001.2(ask)
A$1k = W1,000,735.0
In a nutshell, the won is generally weakening, the A$ is getting stronger. |
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Join Me
Joined: 14 Jan 2008
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| Posted: Thu May 22, 2008 6:07 am Post subject: |
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| jim_we wrote: |
5 year chart of A$ = W
http://ichart.finance.yahoo.com/z?s=AUDKRW=X&t=5y&q=&l=&z=&p=m50,m200&a=v
Currently, the won = Aussie $ ratio is nearly one to one. The exchange rate is nearly equal to what it was in Jan 2004.
AUDKRW=X
May 21, 2008...............1,000.7(bi)...........1,001.2(ask)
A$1k = W1,000,735.0
In a nutshell, the won is generally weakening, the A$ is getting stronger. |
So if it is almost equal to what it was in 2004 (the time the article was wrote) do I still get to believe you deem me genius? |
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Cheonmunka
Joined: 04 Jun 2004
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| Posted: Thu May 22, 2008 12:28 pm Post subject: |
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| Next Q: Do you think the Aussie dollar is inflated or do you think Korea is experiencing an economic downturn? |
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Join Me
Joined: 14 Jan 2008
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| Posted: Fri May 23, 2008 7:58 am Post subject: |
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| Cheonmunka wrote: |
| Next Q: Do you think the Aussie dollar is inflated or do you think Korea is experiencing an economic downturn? |
I think Korea is in an economic downturn. But, to me it has seemed they have been in one for a couple of years. Just like in the US though people have been supporting their lifestyles with debt up until now. Now, the suffering starts. |
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