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SMOE NSET
Joined: 25 Feb 2010
Location: Seoul
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 Posted: Thu Mar 31, 2011 8:49 pm Post subject: Korean Won: Keep dropping! |
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The Korean Won has now dropped below 1,100W to the U.S. Dollar.
http://www.x-rates.com/d/KRW/table.html
Saw the news report last night that it will continue to drop due to the void from the Japanese market that Korea is filling.
How far do you think it will drop? |
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FDNY
Joined: 27 Sep 2010
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| Posted: Thu Mar 31, 2011 9:34 pm Post subject: |
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| I think it will go to 10 won/greenback. So if you make 2,500,000 won that will equal US$250,000/month. I will work for a year and then this country will last place on earth I would ever come to again. (Not that I hate it that much, but if I had scads of dough, there are infinitely better places to be) |
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Yaya
Joined: 25 Feb 2003
Location: Seoul
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| Posted: Thu Mar 31, 2011 10:02 pm Post subject: |
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The Korean government is not intervening this time because a stronger won will help control inflation given the rise in prices of oil and food.
Korea is also benefiting from the Japan quake, in that buyers of Japanese stuff have turned to Korean suppliers due to radiation fears. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Thu Mar 31, 2011 10:24 pm Post subject: Re: Korean Won: Keep dropping! |
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| SMOE NSET wrote: |
The Korean Won has now dropped below 1,100W to the U.S. Dollar.
http://www.x-rates.com/d/KRW/table.html
Saw the news report last night that it will continue to drop due to the void from the Japanese market that Korea is filling.
How far do you think it will drop? |
LOL... 
The won is NOT dropping.
The won is strengthening. It is getting stronger. It takes fewer won to buy a USD. Before you needed 1200 won to kill a dollar. Now you only need 1080 won to do it.
It is STRONGER and CLIMBING in VALUE.
The BOK may let it go as high as it did before the US economic crash. Korea has gained market share due to the crisis in Japan (so they are not worried about falling exports) and wants the stronger won to buy resources (oil and raw material for manufacturing) and repay foreign debt.
. |
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Colorado
Joined: 18 Jan 2006
Location: Public School with too much time on my hands.
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| Posted: Thu Mar 31, 2011 10:47 pm Post subject: |
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Oh, come on now!
You think it's incorrect to say that the won has dropped below 1100 won to the dollar?
I think we can agree that Yes, the won is getting stronger and is rising against the dollar, and yes, the won to dollar ratio has dropped below 1100 won to the dollar. Both of these are correct statements.
The more it drops the stronger it is.
Which is very good for those working here and sending money home. |
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RMNC
Joined: 21 Jul 2010
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| Posted: Thu Mar 31, 2011 10:59 pm Post subject: |
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It hasn't been this good in 2.5 years. Nuts. I'm not sure it'll make it to 1000 per 1 USD within the year, but here's hoping.  |
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Yaya
Joined: 25 Feb 2003
Location: Seoul
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| Posted: Thu Mar 31, 2011 11:12 pm Post subject: |
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| RMNC wrote: |
| It hasn't been this good in 2.5 years. Nuts. I'm not sure it'll make it to 1000 per 1 USD within the year, but here's hoping. |
I'd say we could see under 1,000 by the end of June. |
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Weigookin74
Joined: 26 Oct 2009
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| Posted: Thu Mar 31, 2011 11:26 pm Post subject: |
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| Still looks as crappy as ever compared to the Canadian dollar. |
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mmstyle
Joined: 17 Apr 2006
Location: wherever
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| Posted: Thu Mar 31, 2011 11:27 pm Post subject: |
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| Wish it would improve likewise for some other currencies (currently a no go). |
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crsandus
Joined: 05 Oct 2004
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| Posted: Thu Mar 31, 2011 11:27 pm Post subject: |
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| Yaya wrote: |
| RMNC wrote: |
| It hasn't been this good in 2.5 years. Nuts. I'm not sure it'll make it to 1000 per 1 USD within the year, but here's hoping. |
I'd say we could see under 1,000 by the end of June. |
That'd shave two months off my planned student loan payoff date. *_* |
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Captain Corea
Joined: 28 Feb 2005
Location: Seoul
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| Posted: Thu Mar 31, 2011 11:28 pm Post subject: |
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| Yaya wrote: |
| The Korean government is not intervening this time because a stronger won will help control inflation given the rise in prices of oil and food. |
Exactly. If they raise interest rates, they'll get a ton of bankruptcies this summer. But if the won floats up, it'll have a good effect on fuel and foods. |
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Yaya
Joined: 25 Feb 2003
Location: Seoul
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| Posted: Thu Mar 31, 2011 11:36 pm Post subject: |
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Korea used to keep the won weak to help exporters but I think the threat of inflation is too great to allow that to happen.
That means my vacations abroad just got cheaper! |
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morrisonhotel
Joined: 18 Jul 2009
Location: Gyeonggi-do
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| Posted: Fri Apr 01, 2011 1:16 am Post subject: |
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| mmstyle wrote: |
| Wish it would improve likewise for some other currencies (currently a no go). |
Such as? The pound/won exchange is looking fantastic at the moment. |
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sojusucks
Joined: 31 May 2008
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| Posted: Fri Apr 01, 2011 1:18 am Post subject: |
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| This is good news for us as consumers and as foreigners who wire money home. It's also good news for Korean consumers but they seem to accept getting the short end of the stick, financially and politically. |
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austinmc86
Joined: 23 Feb 2010
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| Posted: Fri Apr 01, 2011 3:50 am Post subject: |
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| If only I would have waited another week or so.... |
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