Korean Job Discussion Forums

[swoodman]

Im British and Won just went down against the pound. Im leaving in November and Im wondering if you think I should change the money I have now or just wait till the end in the hope that the economy will be back to the way it was (or nearer to the way it was) in May? Predictions needed!

[Todstar]

Tough call - in the bigger picture the rate now is still in your favour compared to longer term averages, I would say the won is likely to strengthen between now and Nov but of course that could be undermined at any time by the big haired little fella oop north.

[ChrisGuy]

Its a nightmare right! I feel like iv taken more money to the casino than stones to gamble with it. I dont wanna throw my money away, but -what if- it gets better! It does seem terrible at the moment.

Tell me what you end up doing!

[uklathemock]

I think the won will strengthen at the end of the year, but you could always exchange in lots to hedge just in case.

In the long run, I see the won hitting 1,200 to 1 GBP, which was last seen around 1995. Western countries simply have too much debt.

[swoodman]

Im a gambler by nature so Ill wait

[Todstar]

'In the long run, I see the won hitting 1,200 to 1 GBP, which was last seen around 1995. Western countries simply have too much debt.'

Although I agree with you re debt levels Korea is an exporting nation they would have to devalue the currency before reaching these levels - nobody is going to pay the same for Hyundai as they can buy a BMW.

[Lee Myung Bak]

Im not from the UK, but in my opinion on this issue is the Pound has bottomed out vs the dollar a few months back when it hit 1.37 dollars to a pound. It has moved back up to $1.54 per pound since. You might say who cares about the dollar with this, but the KRW largely trades against the USD, so however the GBP moves vs the dollar reflects in the way the pound moves vs the won. You can see this by comparing the currency charts. Judging that most people predict the pound to slowly climb back up to averages seen in the last 10 years ($1.68 to 1), barring a double dip recession, I would say that the best time to change was a few months ago. So better to cut your losses now and exchange because in the long term the pound will gain vs the won. However in the short term, before YE, you could see slightly better levels than now to change won into pounds.

Then again, if everyone could predict currency markets, it wouldn't be gambling, as swoodman said.

The safest bet would be to hedge your liquidity by changing your money every few weeks as you near your departure to receive an average .


UBS raises forecast for the pound exchange rate vs dollar

http://globalist.org.ua/eng/1444944-ubs-raises-forecast-for-the-pound-exchange-rate-vs-dollar

[young_clinton]

http://www.forecasts.org/won.htm

I think the Won probably has bottomed and is likely to get stronger