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aka Dave
Joined: 02 May 2008
Location: Down by the river
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 Posted: Tue Sep 23, 2008 2:30 am Post subject: "I'm just watching the Dollar implode" |
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http://www.cnbc.com//id/26841323
This could be very good (for us in Korea), or very, very bad. |
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bogey666
Joined: 17 Mar 2008
Location: Korea, the ass free zone
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| Posted: Tue Sep 23, 2008 2:37 am Post subject: Re: "I'm just watching the Dollar implode" |
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| aka Dave wrote: |
http://www.cnbc.com//id/26841323
This could be very good (for us in Korea), or very, very bad. |
you obviously haven't been paying attention.
what the dollar does agains the euro or other "major currencies" has NOTHING to do with what it does against the won.
the dollars was getting KILLED last year against the euro and most majors, and even most "developing country" currencies, such as the Brazilian real.. the Russian ruble. even the Colombian peso.
and it GAINED 10% against the won.
the won is more sensitive to American consumer demand (for many Korean products that are exported, mainly to the US) and stock market performance in US and Korea.
p.s. re dollar movement vs euro... overstated.. the dollar rocketed from 1.6 euro to 1.37 euro in a matter of like 2 weeks.. this is more like a rebound from that dramatic euro selloff. |
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sojourner1
Joined: 17 Apr 2007
Location: Where meggi swim and 2 wheeled tractors go sput put chug alugg pug pug
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| Posted: Tue Sep 23, 2008 2:38 am Post subject: |
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| Well, if my 1 million won of savings per month ends up buying $2000 US or more, then I'm sailing (and my boats floating better) in the winds of change. |
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semphoon
Joined: 18 Nov 2005
Location: Where Nowon is
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| Posted: Tue Sep 23, 2008 2:40 am Post subject: |
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The won is doing super crap against the GBP.
Last December - 10000 = 5.20ish. Today 10000 = 4.70 |
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MrRogers
Joined: 29 Jun 2008
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Ya-ta Boy
Joined: 16 Jan 2003
Location: Established in 1994
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| Posted: Tue Sep 23, 2008 3:06 am Post subject: |
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| While the dollar is weakening against other currencies, the Won is weakening even more against the dollar. The effect is that it is keeping Korean imports into the US cheap. The US is Korea's second largest trade partner, maybe third now, and Korea seems to want to keep it that way. |
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skeeterses
Joined: 25 Oct 2007
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| Posted: Tue Sep 23, 2008 5:50 pm Post subject: |
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| I'm wondering what the average Koreans think about their country accumulating more dollars as the dollar itself is going down? The ones who don't work for the big factories that is. With all the dollars that East Asia is holding and with all the red ink that America is in and a lack of products coming out of America, this competition between the East Asian countries to earn more American dollars through exports seems to be turning into the Great Toilet Paper Race. |
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Zutronius
Joined: 16 Apr 2007
Location: Suncheon
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| Posted: Tue Sep 23, 2008 6:09 pm Post subject: |
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| I'm watching the won implode. |
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victorology
Joined: 10 Sep 2007
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| Posted: Tue Sep 23, 2008 6:20 pm Post subject: |
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| skeeterses wrote: |
| I'm wondering what the average Koreans think about their country accumulating more dollars as the dollar itself is going down? The ones who don't work for the big factories that is. With all the dollars that East Asia is holding and with all the red ink that America is in and a lack of products coming out of America, this competition between the East Asian countries to earn more American dollars through exports seems to be turning into the Great Toilet Paper Race. |
Korea isn't buying dollars because they see it as a good investment. |
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poet13
Joined: 22 Jan 2006
Location: Just over there....throwing lemons.
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| Posted: Tue Sep 23, 2008 7:15 pm Post subject: |
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| I'm going to sell my 10k Cdn dollars, get lots of won, and when the won is strong again, (fewer won per dollar) buy them again. It's not much, maybe 800Cdn profit, but it's something at least. |
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