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cubanlord
Joined: 08 Jul 2005
Location: In Japan!
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 Posted: Thu May 06, 2010 11:35 pm Post subject: Thanks a lot, Greece! Korean Won Dropping Precipitously! |
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Wow! 
Two days ago, it was at 1126 to the US dollar, now, over 1170! Hopefully, the bailout for Greece will pass and things will get back to normal. |
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Juregen
Joined: 30 May 2006
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| Posted: Thu May 06, 2010 11:47 pm Post subject: |
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The Euro is dropping nicely on the other hand  |
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cubanlord
Joined: 08 Jul 2005
Location: In Japan!
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| Posted: Thu May 06, 2010 11:49 pm Post subject: |
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| Juregen wrote: |
| The Euro is dropping nicely on the other hand |
oo, I didn't pay attention to that. Perhaps I should?  |
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BoholDiver
Joined: 03 Oct 2009
Location: Canada
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| Posted: Fri May 07, 2010 12:32 am Post subject: |
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The Canadian dollar hit parity a few days ago then dropped 2 cents b/c of Greece.
I am not an economist, so those kinds of things are hard to understand. If I were living in Canada, I'd be pissed off. |
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greatunknown
Joined: 04 Feb 2010
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| Posted: Fri May 07, 2010 1:02 am Post subject: |
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| BoholDiver wrote: |
The Canadian dollar hit parity a few days ago then dropped 2 cents b/c of Greece.
I am not an economist, so those kinds of things are hard to understand. If I were living in Canada, I'd be pissed off. |
I love the Canada dollar being at parity for the online shopping. But a weaker dollar sure seems to create jobs fast! |
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AsiaESLbound
Joined: 07 Jan 2010
Location: Truck Stop Missouri
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| Posted: Fri May 07, 2010 2:17 am Post subject: |
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| Seems like when the Dow in New York gains points, the won to the dollar improves, but when the market loses points as was the case last night, the won to dollar exchange suffers. Inverse relationship. The Dow lost over 1000 points at one point, but regained to a loss of like 349 points for the day. This is highly unusual volatility, but may have more do with other things besides Europe and speculation a computer error occurred. Pessimism is in the air with how bad the Gulf oil gusher really is as well as the fact the threat of terrorism is only going to get costlier. |
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Yaya
Joined: 25 Feb 2003
Location: Seoul
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| Posted: Fri May 07, 2010 3:46 am Post subject: |
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A spine-chilling slide of nearly 1,000 points in the Dow Jones Industrial Average, its biggest intraday points drop ever, led to heightened calls for a crackdown on computer-driven high-frequency trading.
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Earlier, sources told Reuters that the plunge in the Dow Jones Industrial average may have been caused by an erroneous trade entered by a person at a big Wall Street bank.
http://news.yahoo.com/s/nm/20100506/bs_nm/us_market_selloff_5 |
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bcjinseoul
Joined: 13 Jan 2010
Location: Seoul, Korea
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Forward Observer
Joined: 13 Jan 2009
Location: FOB Gloria
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| Posted: Fri May 07, 2010 11:50 am Post subject: |
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Heck, we gave the world democracy and we should be gettin' paid retroactively for that...sup guys, can't we just forget about all the debt and start clean (again)?
But seriously, that article nailed it BJC, especially liked the bit about:
Historically, Greece has suffered with debt problems � in default or rescheduling of its debt 50.6% of the time over the past 200 years.4 It appears the country has lived beyond its means, combined with a large public sector and declining competitiveness. Over the past decade, Greece has also had one of the lowest private savings rates in Europe. Government debt has soared above 110% of GDP � second only to Italy in the EU. |
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ashland
Joined: 05 Dec 2008
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| Posted: Fri May 07, 2010 7:36 pm Post subject: Re: Thanks a lot, Greece! Korean Won Dropping Precipitously! |
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| cubanlord wrote: |
Wow!
Two days ago, it was at 1126 to the US dollar, now, over 1170! Hopefully, the bailout for Greece will pass and things will get back to normal. |
unlike greece (who is desperately borrowing 140billion USD to pay previous borrowings) korea is earning foreign currency via huge trade surplus, exporting top notch MADE-IN-KOREA products and technologies.
this past wednesday foreigners sold over 1billion USD of korean stocks in just a couple of hours. it sharply brought down the overall stock index and jacked up the exchange rates (USD up and KRW down). their goal is that a few days later they will be able to buy more stocks with less money (USD), hoping to bring them millions in trade profit. EASY MONEY for them! this has been their tactic for the past decade. but this tactic does work well any more, because as USD goes up against KRW korean export companies (not banks) throw a billion more USD into the currency market in order to get better exchange rates - more KRW for USD. consequently the currency market will be back to normal shortly - 1USD/1100KRW.
korean economy is in very good shape, thanks to those hard working korean scientists and engineers, teachers/professors (including foreign english teachers) teaching next generation of scientists and engineers.
compared to greece, koreans have more discipline and better work ethic, and the bank of korea (=federal reserve in USA) has 2500 billion USD in reserve. so don't fret. |
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jdog2050
Joined: 17 Dec 2006
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| Posted: Mon May 10, 2010 3:07 am Post subject: Re: Thanks a lot, Greece! Korean Won Dropping Precipitously! |
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| ashland wrote: |
| cubanlord wrote: |
Wow!
Two days ago, it was at 1126 to the US dollar, now, over 1170! Hopefully, the bailout for Greece will pass and things will get back to normal. |
unlike greece (who is desperately borrowing 140billion USD to pay previous borrowings) korea is earning foreign currency via huge trade surplus, exporting top notch MADE-IN-KOREA products and technologies.
this past wednesday foreigners sold over 1billion USD of korean stocks in just a couple of hours. it sharply brought down the overall stock index and jacked up the exchange rates (USD up and KRW down). their goal is that a few days later they will be able to buy more stocks with less money (USD), hoping to bring them millions in trade profit. EASY MONEY for them! this has been their tactic for the past decade. but this tactic does work well any more, because as USD goes up against KRW korean export companies (not banks) throw a billion more USD into the currency market in order to get better exchange rates - more KRW for USD. consequently the currency market will be back to normal shortly - 1USD/1100KRW.
korean economy is in very good shape, thanks to those hard working korean scientists and engineers, teachers/professors (including foreign english teachers) teaching next generation of scientists and engineers.
compared to greece, koreans have more discipline and better work ethic, and the bank of korea (=federal reserve in USA) has 2500 billion USD in reserve. so don't fret. |
...this...is actually quite true. |
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Konglishman
Joined: 14 Sep 2007
Location: Nanjing
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| Posted: Mon May 10, 2010 3:35 am Post subject: Re: Thanks a lot, Greece! Korean Won Dropping Precipitously! |
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| cubanlord wrote: |
Wow!
Two days ago, it was at 1126 to the US dollar, now, over 1170! Hopefully, the bailout for Greece will pass and things will get back to normal. |
This also appears to have been a short-term effect as the exchange rate of dollar/Won is now 1132. |
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tua111111
Joined: 20 Apr 2010
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| Posted: Mon May 10, 2010 7:18 am Post subject: |
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| sweet!! I'm about to go over and have 1,000 i'm going to change over to korean won... this is perfect timing! |
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AsiaESLbound
Joined: 07 Jan 2010
Location: Truck Stop Missouri
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| Posted: Mon May 10, 2010 7:37 am Post subject: |
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| The market is blasting a bull due to Europe announcing a 955 Billion US dollar bailout package to save the world from financial meltdown. This means the won to dollar rate will be improving this week to the low 1100's per $. Darn I was hoping to see Dow 8,000. |
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withgusto
Joined: 11 Mar 2010
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| Posted: Mon May 10, 2010 11:47 am Post subject: |
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glad I got those bullion bars in my basement.
This is actually nothing y'all. The year isn't over yet.
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