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xCustomx
Joined: 06 Jan 2006
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 Posted: Tue Jul 08, 2008 10:14 pm Post subject: Won up 2% today...XE.com has $1 to 1005 won |
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The government spent another $1-2 billion to raise the value of the won, and apparently they may do this again tomorrow and Friday. I don't know about you, but I don't know how long this rate will last, so I'm preparing to send a large chunk of money back home.
You can buy US dollars for 1022won, which is obviously much better than the 1063 they were offering just last week.
Here's an article from Bloomberg explaining the government's intervention yesterday: http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aLiOXHCJyBK8 |
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loose_ends
Joined: 23 Jul 2007
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| Posted: Tue Jul 08, 2008 10:22 pm Post subject: Re: Won up 2% today...XE.com has $1 to 1005 won |
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| xCustomx wrote: |
The government spent another $1-2 billion to raise the value of the won, and apparently they may do this again tomorrow and Friday. I don't know about you, but I don't know how long this rate will last, so I'm preparing to send a large chunk of money back home.
You can buy US dollars for 1022won, which is obviously much better than the 1063 they were offering just last week.
Here's an article from Bloomberg explaining the government's intervention yesterday: http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aLiOXHCJyBK8 |
Yes, I sent a large chunk yesterday. I asked an advisor at the bank if I should wait or send, he told me the won went up a lot so it is likely to go back down a bit more before it settles. He advised me to send asap. So I did.
But, today is better...hahaha...rat bastard.
Anyway, SEND YOUR MONEY HOME before this plan backfires just like the others this past yeart. |
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Milwaukiedave
Joined: 02 Oct 2004
Location: Goseong
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| Posted: Tue Jul 08, 2008 10:33 pm Post subject: |
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| I noticed this as well. On my desktop I have a little widget that tells me what the rate is. When I noticed it was down to almost 1000 I was a little shocked. It will probably go back up again quickly, so if you are going to send money, do it now. |
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I_Am_The_Kiwi
Joined: 10 Jun 2008
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| Posted: Tue Jul 08, 2008 11:00 pm Post subject: |
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so good, went fom about 780W - $1NZD to almost 755W
Hope its stays around there...even 760 is ok. Just not the 820 it was at 2 months ago.
Still worth while to be here. |
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Komichi
Joined: 19 Jul 2006
Location: Piano Street, Seoul
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| Posted: Tue Jul 08, 2008 11:37 pm Post subject: |
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| Milwaukiedave wrote: |
| I noticed this as well. On my desktop I have a little widget that tells me what the rate is. When I noticed it was down to almost 1000 I was a little shocked. It will probably go back up again quickly, so if you are going to send money, do it now. |
Where can I find that little widget? Sounds useful. |
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Lekker
Joined: 09 Feb 2008
Location: Seoul
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| Posted: Wed Jul 09, 2008 12:46 am Post subject: |
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| Hope it stays where it's at so I can make it to the bank tomorrow morning. Would be nice if it gets better. |
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stealth_fighter
Joined: 22 Oct 2006
Location: Seoul
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| Posted: Wed Jul 09, 2008 12:50 am Post subject: |
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| Komichi wrote: |
| Milwaukiedave wrote: |
| I noticed this as well. On my desktop I have a little widget that tells me what the rate is. When I noticed it was down to almost 1000 I was a little shocked. It will probably go back up again quickly, so if you are going to send money, do it now. |
Where can I find that little widget? Sounds useful. |
Yes... where can i find the widget? |
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aka Dave
Joined: 02 May 2008
Location: Down by the river
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| Posted: Wed Jul 09, 2008 1:09 am Post subject: |
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| Yesterday there were banner headlines in the Times/Herald that the govt. has adopted a strong won policy. I guess they figure they're taking a beating on oil prices, and a weaker won excacerbates this. |
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Draz
Joined: 27 Jun 2007
Location: Land of Morning Clam
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| Posted: Wed Jul 09, 2008 1:16 am Post subject: |
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I lost almost $300 by sending money home last week.  |
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xCustomx
Joined: 06 Jan 2006
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| Posted: Wed Jul 09, 2008 1:28 am Post subject: |
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| aka Dave wrote: |
| Yesterday there were banner headlines in the Times/Herald that the govt. has adopted a strong won policy. I guess they figure they're taking a beating on oil prices, and a weaker won excacerbates this. |
I think the rise in the won today has to due with the decrease in oil prices and the governments intervention. The finance and strategy minister is also being pressured to resign because of his weak won policy. This strategy didn't work too well the last time he implemented it.
"Choi was a hawkish policymaker who believed in market intervention. The belief, however, made him squander trillions of won by intervening in the currency market in 2004, while trying to pull up the won-dollar rate to help exporters. Choi, who was heading the bureau of international finance at the ministry at the time, moved on to the World Bank after incurring the huge loss." |
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Mr Crowley
Joined: 23 Mar 2006
Location: Suwon
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| Posted: Wed Jul 09, 2008 2:01 am Post subject: |
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| Will the won keep going down, or will it go back up ? The reason I am asking this , I am leaving Friday for a three week vacation, and I wonder should I send home money now or wait ? What will the won be worth in US Dollars five months from now ? Us crazy Americans want to know ( or have an idea of ). |
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spliff
Joined: 19 Jan 2004
Location: Khon Kaen, Thailand
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| Posted: Wed Jul 09, 2008 2:12 am Post subject: |
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I'm waiting till I see 980. 994 as I write this...  Maybe we'll see 960 by Friday. |
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xCustomx
Joined: 06 Jan 2006
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| Posted: Wed Jul 09, 2008 2:32 am Post subject: |
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| Mr Crowley wrote: |
| Will the won keep going down, or will it go back up ? What will the won be worth in US Dollars five months from now ? . |
If anyone actually knew the answer they would be a millionaire. Nobody really knows with any certainty what it's going to do
Here's an interesting article as to why the won had it's biggest one day gain in a decade: http://www.guardian.co.uk/business/feedarticle/7639564
Looks like the government spent $2 billion on Tuesday and $3 billion today
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| "The government and the Bank of Korea will not stop efforts to stabilise foreign exchange rates," a foreign exchange official said. "(The efforts) will be stronger than the market expects." |
This is very encouraging. As I type this the rate is now $1 = 995 won on Xe.com
Last edited by xCustomx on Wed Jul 09, 2008 2:42 am; edited 1 time in total |
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cedarseoul
Joined: 16 Feb 2008
Location: nowon-gu
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| Posted: Wed Jul 09, 2008 2:41 am Post subject: |
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my wife and i receive our salaries and annual bonuses tomorrow. i'm thrilled with the timing...here's hoping we stay strong for at least a couple more days.  |
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Lekker
Joined: 09 Feb 2008
Location: Seoul
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| Posted: Wed Jul 09, 2008 3:02 am Post subject: |
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1 USD = 996.600
I'll be going to the bank tomorrow. |
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