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hagwonnewbie
Joined: 09 Feb 2007
Location: Asia
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 Posted: Tue Jul 21, 2009 7:24 am Post subject: 1250 = $ is as good as it's going to be for a while. |
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I haven't sent money back to the U.S. for almost a year. I was planning to continue to wait another few months in hope of a better rate, but it sounds like 1250 is where the Korean economists would like to it stay.
In light of that, I think this week will be as good as any to make a remittance. Does anyone have anything to add regarding the following article?
http://online.wsj.com/article/BT-CO-20090720-701979.html
[/quote] |
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Otherside
Joined: 06 Sep 2007
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| Posted: Tue Jul 21, 2009 8:08 am Post subject: |
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| Could you post the article please. Unless you are a subscriber, you can only read the first couple of lines... |
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hagwonnewbie
Joined: 09 Feb 2007
Location: Asia
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| Posted: Tue Jul 21, 2009 9:19 am Post subject: |
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I did a search for "Korean Won" and got the following results on Tuesday night:
http://news.google.com/news?pz=1&ned=us&hl=en&q=korean+won
It is interesting how the link gives an abbreviated version of the article unless you are directed from the google results page. |
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thoreau
Joined: 21 Jun 2009
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call_the_shots
Joined: 10 Oct 2008
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| Posted: Tue Jul 21, 2009 3:29 pm Post subject: |
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| Otherside wrote: |
| Could you post the article please. Unless you are a subscriber, you can only read the first couple of lines... |
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SEOUL (Dow Jones)--The South Korean won closed at its highest level in nearly five weeks Monday, but traders said fears of intervention by the authorities in favor of the U.S. dollar might cap the domestic currency's gains for the rest of the week.
"Players will find it dangerous to persist with short (dollar) positions aggressively" given fears of intervention, one trader at a foreign bank said.
He expects the dollar to trade between KRW1,240 and KRW1,260 Tuesday.
Late in the session, some traders suspected that the Bank of Korea possibly entered the market to conduct smoothing operations to slow the won's rise.
"There was chatter among dealers that the authorities likely stepped in because unidentified bids were persistently found and the dollar found support at the (key) KRW1,250 level," a local bank trader said.
Finance ministry officials declined to say whether there had been any intervention.
The local-bank trader said, however, that the won is biased to trade higher in the days to come. "There may be swings in the near term given that more (U.S. companies') earnings reports are on the way," he said. "However, if you look only into current mood, it's (the dollar) obviously biased downwards."
The dollar's closing level was its weakest since it ended at KRW1,246.7 on June 10.
Investors' increased risk appetite sent local treasurys and treasury bond futures down.
Hyundai Securities fixed-income analyst Kim Sang-hoon expects foreign investors to continue to sell futures contracts for the rest of the week given their past trading pattern of massive selling after continued buying.
Daewoo Securities fixed-income analyst Yoon Yeo-sam tipped three-year bonds to trade between 4.15% and 4.30% Tuesday.
-By Kanga Kong, Dow Jones Newswires; 822-2198-2230; [email protected]
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Real Reality
Joined: 10 Jan 2003
Location: Seoul
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| Posted: Tue Jul 21, 2009 6:28 pm Post subject: |
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How about a comparison of currencies?
2,000,000 KRW = 1,601 USD
2,500,000 KRW = 2,002 USD
3,000,000 KRW = 2,399 USD
250,000 JPY = 2,671 USD
300,000 JPY = 3,205 USD
340,000 JPY = 3,634 USD
Salary in Japan: 250,000 - 340,000 Yen/Month
See the job ad for salary: Private Jnr/Snr High School English Teacher
https://jobs.gaijinpot.com/index/view/job_id/27005
Currency conversion on July 22, 2009
XE.com Conversion
http://www.xe.com/ucc/convert.cgi
Historical Exchange Rate
(approximate or rounded off)
Korean Won to USD
1993 - 2,000,000 won at 795 KRW to US$1 (January 1993)........ $US2515........
1994- 2,000,000 won at 813 KRW to US$1 (January 1994)........ $US2460........
1995 - 2,000,000 won at 793 KRW to US$1 (January 1995)........ $US2522........
1996 - 2,000,000 won at 787 KRW to US$1 (January 1996)........ $US2541........
2009 - 2,000,000 won at 1362 KRW to US$1 (January 2009)........ $US1468
http://www.x-rates.com/d/KRW/USD/hist2009.html
2,000,000 won at 1250 KRW to US$1 (July 2009 approximate) ... $US 1600
Japanese Yen to USD
1993 - Japanese Yen to 1 USD January: 125 JPY, February: 121 JPY
1994 - Japanese Yen to 1 USD January: 111 JPY, February: 106 JPY
1995 - Japanese Yen to 1 USD January: 100 JPY (250,000 JPY = 2,500 USD)
1996 - Japanese Yen to 1 USD January: 106 JPY, February: 106 JPY
2009 - Japanese Yen to 1 USD January: 90 JPY, February: 91 JPY
http://www.x-rates.com
250,000 JPY at 95 JPY to US$1 (July 2009 approximate) ... $US 2,632
Historical Exchange Rate (note: approximate, not properly rounded off)
1995 - South Korean Won to 1 USD
January: 793 KRW
February: 793 KRW
March: 781 KRW
April: 770 KRW
May: 764 KRW
June: 763 KRW
July: 760 KRW
August: 767 KRW
September: 772 KRW
October: 767 KRW
November: 769 KRW
December: 771 KRW
http://www.x-rates.com/d/KRW/USD/hist1995.html
1995 - Japanese Yen to 1 USD
January: 99 JPY
February: 98.2368 JPY
March: 90 JPY
April: 83 JPY
May: 85 JPY
June: 84 JPY
July: 87 JPY
August: 94 JPY
September: 100 JPY
October: 100 JPY
November: 101 JPY
December: 101 JPY
http://www.x-rates.com/d/JPY/USD/hist1995.html |
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hagwonnewbie
Joined: 09 Feb 2007
Location: Asia
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| Posted: Tue Jul 21, 2009 6:47 pm Post subject: |
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| Historical charts aside, the alarming point of the article is that the Bank of Korea is manipulating the won to keep it down versus the dollar. Even if the global economy improves, the won will likely remain at the same level indefinitely. This is very discouraging to those of us who have no intention of living here long term. |
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waynehead
Joined: 18 Apr 2006
Location: Jongno
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| Posted: Tue Jul 21, 2009 6:53 pm Post subject: |
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| I was planning on sending money home friday, regardless. Hopefully it will stay where it is, or improve in the next few days. |
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Yaya
Joined: 25 Feb 2003
Location: Seoul
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| Posted: Tue Jul 21, 2009 7:16 pm Post subject: Re: 1250 = $ is as good as it's going to be for a while. |
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| hagwonnewbie wrote: |
I haven't sent money back to the U.S. for almost a year. I was planning to continue to wait another few months in hope of a better rate, but it sounds like 1250 is where the Korean economists would like to it stay.
In light of that, I think this week will be as good as any to make a remittance. Does anyone have anything to add regarding the following article?
http://online.wsj.com/article/BT-CO-20090720-701979.html
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Korean economists can wish all they want, yet did their hope help the won stay stable? Nope.
I see economic recovery raising the won's value toward the end of the year. The growth forecast for this year was adjusted from minus 2.4 percent to minus 1.6 percent, and it could get better. The problem is job growth (or lack thereof) but the Korean won cannot stay weak forever given that the Korean economy has solid fundamentals.
Don't forget, when the won was trading at 780 to the dollar back in the 1990s, the Bank of Korea had around 50 billion U.S. dollars in reserves BEFORE the IMF bailout. Korea now has more than 200 billion dollars in reserves.
I remember the Korea Int'l Trade Association saying the won-dollar rate could hit 1,120 by year's end. I think that is very possible now. |
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matthews_world
Joined: 15 Feb 2003
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| Posted: Sat Jul 25, 2009 4:48 am Post subject: |
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Well let's see.
Dow Jones was at around 10,500 in 2002 when I got here and the exchange rate was where it is now, 1250.
The market's been picking up the last week or so. I'd say good times are coming again soon and we are finally gonna get into good economic times again. |
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