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dairyairy
Joined: 17 May 2012
Location: South Korea
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 Posted: Thu Oct 25, 2012 3:55 am Post subject: Great news:Korean won hits over 1-year high to US dollar |
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http://nwww.koreaherald.com/view.php?ud=20121025000915
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The South Korean currency on Thursday rose to the highest level against the U.S. dollar in more than one year amid foreign capital inflows, dealers said.
The local currency ended at 1,098.20 won against the greenback, up 5.4 won from the previous session�s close. It marked the first time that the won appreciated to the 1,000-level since Sept. 9, 2011.
So far this year, the Korean currency has appreciated 4.88 percent to the dollar amid sustained inflows of foreign capital and Korea�s relatively strong fundamentals.
Korean stocks closed 0.55 percent higher on Thursday as large caps gained on the back of favorable corporate earnings amid a lack of upward momentum, analysts said.
The benchmark Korea Composite Stock Price Index climbed 10.54 points to 1,924.5, stemming a four-day losing streak. (Yonhap News)
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newb
Joined: 27 Aug 2012
Location: Korea
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| Posted: Thu Oct 25, 2012 5:21 am Post subject: |
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| Wait and see Korean govt start manipulating forex to keep their exports competitive |
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Otherside
Joined: 06 Sep 2007
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| Posted: Thu Oct 25, 2012 5:26 pm Post subject: |
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| 1095.52 Yeah Baby! |
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Swampfox10mm
Joined: 24 Mar 2011
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| Posted: Thu Oct 25, 2012 7:27 pm Post subject: |
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| newb wrote: |
| Wait and see Korean govt start manipulating forex to keep their exports competitive |
THIS!
Although I know nothing about how this works, I read somewhere that Korea can't do this as easily this time around... not sure if it's true. |
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jdog2050
Joined: 17 Dec 2006
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| Posted: Thu Oct 25, 2012 7:40 pm Post subject: |
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| Swampfox10mm wrote: |
| newb wrote: |
| Wait and see Korean govt start manipulating forex to keep their exports competitive |
THIS!
Although I know nothing about how this works, I read somewhere that Korea can't do this as easily this time around... not sure if it's true. |
Yeah, I hope not. The first time around it was painful but understandable...it really kept the economy from crashing. But manipulating currency is a kind of "get out of jail free" card you can only pull a few times unless you're China. |
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12ax7
Joined: 07 Nov 2009
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| Posted: Thu Oct 25, 2012 10:15 pm Post subject: |
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| It's still grossly undervalued. It was 740/$ when South Korea was still a developing country 15 years ago. |
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JustinC
Joined: 10 Mar 2012
Location: We Are The World!
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| Posted: Thu Oct 25, 2012 10:21 pm Post subject: |
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| Possibly a head fake, you need a few days below 1100 to confirm break through resistance. Medium term it's just returning back to where it was a year ago. The trend looks good but that's trends for you, they look good until they don't. |
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TheUrbanMyth
Joined: 28 Jan 2003
Location: Retired
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| Posted: Thu Oct 25, 2012 10:25 pm Post subject: |
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| 12ax7 wrote: |
| It's still grossly undervalued. It was 740/$ when South Korea was still a developing country 15 years ago. |
And 671/$ in '89 |
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12ax7
Joined: 07 Nov 2009
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| Posted: Thu Oct 25, 2012 10:51 pm Post subject: |
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| TheUrbanMyth wrote: |
| 12ax7 wrote: |
| It's still grossly undervalued. It was 740/$ when South Korea was still a developing country 15 years ago. |
And 671/$ in '89 |
If only it were still true. |
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newb
Joined: 27 Aug 2012
Location: Korea
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| Posted: Thu Oct 25, 2012 11:28 pm Post subject: |
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| 12ax7 wrote: |
| TheUrbanMyth wrote: |
| 12ax7 wrote: |
| It's still grossly undervalued. It was 740/$ when South Korea was still a developing country 15 years ago. |
And 671/$ in '89 |
If only it were still true. |
Back then average Korean made 400K won per month. |
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alongway
Joined: 02 Jan 2012
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| Posted: Thu Oct 25, 2012 11:51 pm Post subject: |
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anyone got a historial rates page? X-rates used to have a link you could click to see the monthly averages going back into the 90s.
I think it was even around 500/$1 at one point. But they've updated and completely changed their site and I can't see to find that info |
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12ax7
Joined: 07 Nov 2009
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| Posted: Sun Oct 28, 2012 1:37 am Post subject: |
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| newb wrote: |
| 12ax7 wrote: |
| TheUrbanMyth wrote: |
| 12ax7 wrote: |
| It's still grossly undervalued. It was 740/$ when South Korea was still a developing country 15 years ago. |
And 671/$ in '89 |
If only it were still true. |
Back then average Korean made 400K won per month. |
My point exactly about why the won is grossly undervalued now. It's not a developing country anymore. Its economy is solid and grows well. |
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GoldMember
Joined: 24 Oct 2006
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| Posted: Sun Oct 28, 2012 11:44 pm Post subject: |
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| Just means Obama is printing US dollars at a faster rate than Lee Myeong Bak can print Korean won. |
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Kimchifart
Joined: 15 Sep 2010
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| Posted: Mon Oct 29, 2012 12:27 am Post subject: |
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| Friend of mine said NongHyup Bank are currently still only offering 1531 KW to the dollar exchange rate! |
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tran.huongthu
Joined: 23 May 2011
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| Posted: Mon Oct 29, 2012 3:18 am Post subject: |
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| Kimchifart wrote: |
| Friend of mine said NongHyup Bank are currently still only offering 1531 KW to the dollar exchange rate! |
Not possible |
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