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SNOTOSEOUL
Joined: 12 Apr 2010
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 Posted: Fri Nov 14, 2014 1:58 am Post subject: Where da won? |
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| So as you may know it has gone down substantially in the last few months. Do you think it will slowly creep up again like it did the last three years, or is this the new base? I know it is related to the yen and the dollar is getting stronger too. |
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basic69isokay
Joined: 28 Sep 2014
Location: korea
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| Posted: Fri Nov 14, 2014 2:11 am Post subject: |
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Korea is Samsung.
Japan is rapidly trashing their currency in a last ditch effort at survival. They hope people will buy sony again.
Korea will now trash their currrency, to boost samsungs exports. |
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SHGator428
Joined: 05 Sep 2014
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| Posted: Fri Nov 14, 2014 2:19 am Post subject: |
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| Better hope it doesn't get to 2008-9 levels. I remember it being around 900 in '06 and getting up to around 1400+ just a couple of years later. Ouch! |
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nicwr2002
Joined: 17 Aug 2011
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| Posted: Fri Nov 14, 2014 6:47 pm Post subject: |
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| At least it's still better than 2011. |
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GENO123
Joined: 28 Jan 2010
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| Posted: Fri Nov 14, 2014 8:39 pm Post subject: |
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Since the Yen is going to the underworld , Korea will to try to follow.
burn baby burn disco inferno.
But as far as the Yen is concerned you ain't see nothing yet.
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Sat Sep 27, 2014 7:16 pm
ESL in Korea is broken. The upcoming devaluation of the won ( just look across the pond ) should not be considered the icing on the cake because esl in Korea pretty much already went bust even before. Korea= low salary. |
http://forums.eslcafe.com/korea/viewtopic.php?t=234142&postdays=0&postorder=asc&start=15 |
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GENO123
Joined: 28 Jan 2010
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| Posted: Fri Nov 14, 2014 8:48 pm Post subject: |
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| basic69isokay wrote: |
Korea is Samsung.
Japan is rapidly trashing their currency in a last ditch effort at survival. They hope people will buy sony again.
Korea will now trash their currrency, to boost samsungs exports. |
Ladies and gentlemen we have a winner |
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SHGator428
Joined: 05 Sep 2014
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| Posted: Fri Nov 14, 2014 9:51 pm Post subject: |
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| Meanwhile the Chinese yuan is as strong as ever against the usd. |
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Weigookin74
Joined: 26 Oct 2009
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| Posted: Fri Nov 14, 2014 11:13 pm Post subject: Re: Where da won? |
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| SNOTOSEOUL wrote: |
| So as you may know it has gone down substantially in the last few months. Do you think it will slowly creep up again like it did the last three years, or is this the new base? I know it is related to the yen and the dollar is getting stronger too. |
Crept up? It had been crap from 2008 to 2013. Geeze, where ya memory at? It only started going up a year ago and now it's back on it's way down. As of today, 1000 won is $1.02. It had been 1.06 - 1.09 most of the year. Now, it seems to be crashing again. Hope it stays above the dollar or at parity till the end of the month when I have to send some cash home.
But I'm guessing December and into next year, it'll go back to it's crappy pre 2013 levels. Only good news is I'll finally have one of my student loans gone in the next couple of months (though I had to let my cards climb a bit to do it). I'll tell you back around 2011, it really sucked when I sent home 1 million won. I'd only get 850 bucks.
Cheaper living costs in 2007 let me send home 1.1, sometimes even 1.2. But 1.15 lets say, would get me 1300 bucks. Exchange rate a real kick in the balls. I'd have to pay 550 a month on loans. Credit cards, line of credit, etc interest would take close to 200 bucks a month leaving 100 bucks to tackle principle with. I had to really change my life style and belt tighten. We all will again, if the won goes back down or make plans to go elsewhere. Thankfully, in a couple of months those loans will now only be 190 minimum payment each month.
As for the won, a lot of foreign investors might stay out of Korea too (alongside Japan), the Bank of Korea might try to keep interest rates artificially low, foreigners may not want to do business here due to the bureacracy, this may drive it down. But other than that a currency will be where the market wants it to be in spite of temporary government measures to drive it down.
If the won is going to go back down and you have debts abroad, welcome to my world. If you stay here, you'll have to change your lifestyle and send more money home (cutting back here). I'm only thankful I'm not hacking it on a 2.1 million salary. I don't know why anyone would come here and work for that. With the lower currency again, you'll never get things paid off. Your debt will become a debt sentence. Stay or go to China or the Middle East. Your choice. |
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GENO123
Joined: 28 Jan 2010
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| Posted: Sat Nov 15, 2014 12:08 am Post subject: |
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| Excellent post right above |
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jazzmaster
Joined: 30 Sep 2013
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| Posted: Sun Nov 16, 2014 12:11 am Post subject: |
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| I would move to China if i didnt have roots here. More opportunities to make good money. |
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GENO123
Joined: 28 Jan 2010
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GENO123
Joined: 28 Jan 2010
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| Posted: Wed Nov 19, 2014 7:02 pm Post subject: |
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| SHGator428 wrote: |
| Meanwhile the Chinese yuan is as strong as ever against the usd. |
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Geoffrey Yu, foreign exchange strategist at UBS agrees that South Korea will "have an issue" with yen weakness, but doesn't think Chinese authorities will be as concerned.
"The PBOC and BOJ work quite well each other," he said. "I think China would be much more concerned about where dollar-Thai bhat and Vietnamese dong trade. |
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