Korean Job Discussion Forums

Blue Flower · Posted: Sun Dec 28, 2003 8:32 pm Post subject: Exchange rates....

Does anyone have any links for me that will give up-to-date exchange rates? I don't want to have to walk down to the bank every day to find out what they are. Cheers.

Mosley · Joined: 15 Jan 2003

Try your country's Seoul embassy website; there should be a link to exchange rates(the Canadian site certainly has this-of course, if you're Canadian you won't like what you read these days!).

Bubbliee · Joined: 03 Jul 2003 Location: Kelowna, BC Canada

A decent exchange site I use is xe.com

wormholes101 · Joined: 11 Mar 2003

Blueflower: If you are considering converting won to NZ$ you may wish to consider holding you money here in Korea for a couple of years in an interest account. The NZ dollar is at an all time high not only against the US$ and very very very high against the won.

From what I know about the NZ dollar it has to fall soonish (within a year). The NZ dollar seems to cycle every ten years (low to high to low) Bear out the wait for a year or two and and it should come back a bit.

Check out this site.
http://www.economist.com/markets/currency/graphs.cfm
You can make graphs of two or more currencies. It's a bit tricky to use at first but you'll work it out. You'll see what I mean.

jaebea · Joined: 21 Sep 2003 Location: SYD

I tend to use http://au.finance.yahoo.com/m3

There's a link to CX and then you can mix and match the ones you're interested in. You can see graphs and previous trends, and also see the bid/ask prices (buy/sell) if that's your cup of tea.

xe.com is neat too.

jae.

wormholes101 · Joined: 11 Mar 2003

I want to correct the information that I posted above:

Historically, the won is highly correlated with the US dollar. Look back ten years, and you can see this (except the IMF when everything changed dramatically) Therefore, holding won or $US doesn't really make any difference (against the NZD).

Both the Australian dollar and the New Zealand Dollar follow almost identical patterns when compared to the US dollar (and thus, also the won). If you graph out the percentage change against the $US over the past ten years, you can see this plain as day.

(see this site for 10 year data and graph)
http://www.economist.com/markets/currency/graphs.cfm

The NZ and AUS follow about an 8 year cyclical pattern. We're 3 years into the rise with one year to the top. That will be followed by a 4 year drop.

If you believe trends, the NZD will gain another 5-10% in value (likewise with the AUS$) before retreating. The NZD will gain this 5-10% over the next 12 months and then will fall consistently for 4 years, losing 50-60% of it's value.

So, if you have 5 years to wait, buy some NZD now then convert it in US or Won in 12 months and buy NZD 4 years after that.

If I'm right (excluding interest that you would make while it's in the bank), $10,000 will turn into $22,000.

Got 5 years?