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Radius
Joined: 20 Dec 2009
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 Posted: Tue Nov 23, 2010 2:35 am Post subject: will the Won fall some more? |
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| After this shelling from N. Korea can/will the won even more? Btw, I moved my money to America today before the incident happened. I moved 4.4 million and got $3,900 USD. |
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RMNC
Joined: 21 Jul 2010
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| Posted: Tue Nov 23, 2010 2:38 am Post subject: |
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| The shelling will stop today, Lee Myung Bak will go "Don't do that, please!" and everything will return back to normal. |
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Provence
Joined: 18 Oct 2008
Location: South Korea
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| Posted: Tue Nov 23, 2010 3:10 am Post subject: |
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Yes. At least for the short term until everything clears up.
Honestly, I am losing hope for the won. If it�s not the ROK manipulating the won it�s the North doing something stupid like this that affects the won.
Either way the won drops. |
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Vagabundo
Joined: 26 Aug 2010
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| Posted: Tue Nov 23, 2010 3:12 am Post subject: |
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| Provence wrote: |
Yes. At least for the short term until everything clears up.
Honestly, I am losing hope for the won. If it�s not the ROK manipulating the won it�s the North doing something stupid like this that affects the won.
Either way the won drops. |
true, true true.
I promised myself I'd wire a bunch of money home when it hit 1100.
just missed it.
damn. |
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Provence
Joined: 18 Oct 2008
Location: South Korea
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| Posted: Tue Nov 23, 2010 3:22 am Post subject: |
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| Actually, this is good for South Korea. The won drops right before the holiday season and they didn�t even have to lower interest rates or purchase large quantities of foreign currency. Now they have even more room to manipulate the won despite the increase in exports. |
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Radius
Joined: 20 Dec 2009
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| Posted: Tue Nov 23, 2010 4:04 am Post subject: |
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| man talk about getting it done before the bell. Sent money home at noon and two hours later this crap with N.K happens. lucked out! |
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Captain Corea
Joined: 28 Feb 2005
Location: Seoul
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| Posted: Tue Nov 23, 2010 4:08 am Post subject: |
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| it seems to usually recover about a week or so after. |
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Vagabundo
Joined: 26 Aug 2010
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| Posted: Tue Nov 23, 2010 4:31 am Post subject: |
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| Captain Corea wrote: |
| it seems to usually recover about a week or so after. |
no. that's the case with real currencies, but the won is toilet paper.
it'll take much longer to recover.
and it'll never quite recover its previous levels.
witness what happened post Cheonan.
won shot up from 1120 to 1300 in 2-3 days.
took months to grind back down toward 1120.
and as it did, the Korean govt and its cheobol stooges like Shin and the Finance MInister were quacking about the "too rapid appreciation of the won". |
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Captain Corea
Joined: 28 Feb 2005
Location: Seoul
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| Posted: Tue Nov 23, 2010 4:46 am Post subject: |
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Maybe I'm looking at the wrong sites but on March 25th, the day before the attack, the rate was 1140.510. and it really didn't start climbing until May 20th (1164.280). That's two months that t hovered at roughly the same rate after (and before) the attack.
http://www.oanda.com/currency/historical-rates
are you seeing something I am not? |
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Vagabundo
Joined: 26 Aug 2010
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| Posted: Tue Nov 23, 2010 5:25 am Post subject: |
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| Captain Corea wrote: |
Maybe I'm looking at the wrong sites but on March 25th, the day before the attack, the rate was 1140.510. and it really didn't start climbing until May 20th (1164.280). That's two months that t hovered at roughly the same rate after (and before) the attack.
http://www.oanda.com/currency/historical-rates
are you seeing something I am not? |
you're correct in that the won didn't take a bit whack, until weeks after the attack, it actually happened over 2-3 days after the LMB govt formally and officially blamed and accused the Norks of the attack.
it shot up to 1300 from low 1100's over 2-3 days.
came back down to 1200 fairly quickly.. as things settled down.
but the grind back down from 1200 to 1100 was slow and tortuous indeed. and as it fell below 1150, the screams and whining from the cheobol beholden cronies of the current govt. got louder and louder.
(meanwhile other currencies were strengthening vs USD during the entire Cheonan encounter).
that's why almost every single currency table of the crap won vs other currencies, especially Asian currencies , the won is almost as crappy against them as it was back in the dark days of 2008/2009 (even against Chinese yuan)
which makes Korean currency whining that much more outrageous. |
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bobbybigfoot
Joined: 05 May 2007
Location: Seoul
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| Posted: Tue Nov 23, 2010 6:48 am Post subject: |
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| Vagabundo wrote: |
| but the won is toilet paper. |
Completely disrespectful.
This country has given alot of us our livelihood for many years and we should be grateful. |
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Vagabundo
Joined: 26 Aug 2010
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| Posted: Tue Nov 23, 2010 7:01 am Post subject: |
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