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Provence
Joined: 18 Oct 2008
Location: South Korea
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 Posted: Wed May 19, 2010 6:21 pm Post subject: Won about to take a dive (again) |
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Despite having a good run for awhile it looks like it�s that time of year again. The won shot up 80 points vs the USD and nearly 100 vs the British Pound in just three days.
I predict it will be 1500 won to 1 USD and 2000 won to 1 British Pound by July. The won rollercoaster ride is about to get exciting!
Isn�t it nice to get paid in such a volatile currency? |
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Slaps
Joined: 22 Jun 2007
Location: Sitting on top of the world
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| Posted: Wed May 19, 2010 6:46 pm Post subject: |
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How do you know this?
What are you basing these assumptions on exactly? |
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World Traveler
Joined: 29 May 2009
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| Posted: Wed May 19, 2010 7:22 pm Post subject: Re: Won about to take a dive (again) |
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| Provence wrote: |
| I predict it will be 1500 won to 1 USD and 2000 won to 1 British Pound by July. |
Maybe not, but I'm sad to say that I think 1,000 Won will never again equal $1. |
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goreality
Joined: 09 Jul 2009
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| Posted: Wed May 19, 2010 7:24 pm Post subject: |
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| I wish I had your future predicting abilities, then I wouldn't need to worry about petty things such as a salary. |
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World Traveler
Joined: 29 May 2009
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| Posted: Wed May 19, 2010 7:30 pm Post subject: |
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| Look at Japan's rate now. You can make over $3,000USD a month. |
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egrog1717
Joined: 12 Mar 2008
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| Posted: Wed May 19, 2010 7:32 pm Post subject: |
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| World Traveler wrote: |
| Look at Japan's rate now. You can make over $3,000USD a month. |
Not when you factor in housing, car, insurance, cost of living, etc...
Plus your pension and severance in Korea that you don't get in Japan.. |
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Senior
Joined: 31 Jan 2010
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| Posted: Wed May 19, 2010 7:34 pm Post subject: Re: Won about to take a dive (again) |
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| World Traveler wrote: |
| Provence wrote: |
| I predict it will be 1500 won to 1 USD and 2000 won to 1 British Pound by July. |
Maybe not, but I'm sad to say that I think 1,000 Won will never again equal $1. |
Do you think that exchange rate fluctuations are permanent? There's a good chance that, with the amount of Obama funny money out there floating around, the USD could weaken substantially. |
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madoka
Joined: 27 Mar 2008
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| Posted: Wed May 19, 2010 7:48 pm Post subject: |
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| Slaps wrote: |
How do you know this?
What are you basing these assumptions on exactly? |
Can't speak for the OP. He could be a nutter or a genius for all I know.
I assume that the won will devalue in the short term due to the investigation revealing that a NK torpedo sank the patrol boat:
South Korea � South Korea accused North Korea on Thursday of firing a torpedo that sank a naval warship in March, killing 46 sailors in the country's worst military disaster since the Korean War.
President Lee Myung-bak vowed "stern action" for the provocation following the release of long-awaited results from a multinational investigation into the incident. North Korea, reacting swiftly, called the results a fabrication and warned that any retaliation would trigger war.
Investigators said evidence overwhelmingly proves North Korea fired a homing torpedo that caused a massive underwater blast that tore the Cheonan into two on March 26. Fifty-eight sailors were rescued from the frigid Yellow Sea waters near the Koreas' maritime border, but 46 perished.
"(We) will take resolute countermeasures against North Korea and make it admit its wrongdoings through strong international cooperation," Lee told Australian Prime Minister Kevin Rudd in a phone conversation, the presidential office said.
The White House called the sinking an act of aggression that constitutes a challenge to international peace and security.
North Korea continued its steadfast denials of involvement in the sinking and said it would send its own investigators to conduct a probe, while warning that any punishment against the North would spark war.
"The all-out war to be undertaken by us will be a sacred war involving the whole nation, all the people and the whole state," a spokesman for North Korea's powerful National Defense Commission said, according to a report carried by the state-run Korea Central News Agency.
The North also warned the South against any provocative acts near the Koreas' borders in the aftermath of the sinking, warning it would react with an "unlimited retaliatory blow, merciless strong physical blow."
Pyongyang also warned the U.S. and Japan to "act with discretion."
"The world will clearly see what dear price the group of traitors will have to pay for the clumsy 'conspiratorial farce' and 'charade' concocted to stifle compatriots," KCNA said. |
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DeMayonnaise
Joined: 02 Nov 2008
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| Posted: Wed May 19, 2010 7:49 pm Post subject: |
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I think the poster is using his rear end as his source...
1500 - $1 two months from now? How do you figure that? |
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dumpring
Joined: 06 Apr 2010
Location: Auckland, NZ
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| Posted: Wed May 19, 2010 8:32 pm Post subject: |
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| Not a chance with the North being so noisy at the moment. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Wed May 19, 2010 8:48 pm Post subject: |
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| DeMayonnaise wrote: |
I think the poster is using his rear end as his source...
1500 - $1 two months from now? How do you figure that? |
And what makes you think it will be stable.
It wasn't that long ago that the won went from w950/$1 to w1700/$1.
Stable is one thing the won is not and the fundamentals of the Korean economy (with the exception of foreign currency reserves) aren't that great either.
Manufacturing is WAAY down, as are exports. In a country that depends on exports of manufactured goods this is not a good thing. The devalued currency is good for Korea - makes Korean products more affordable to importing nations and improves the employment rate and the balance of trade.
Don't depend on the won returning to w1000/$1 any time in the near future.
. |
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Provence
Joined: 18 Oct 2008
Location: South Korea
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| Posted: Wed May 19, 2010 9:20 pm Post subject: |
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| DeMayonnaise wrote: |
I think the poster is using his rear end as his source...
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Actually I use my wife's rear end as a source, I find it�s a good source of entertainment and prophecy but that�s beside the point. |
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withgusto
Joined: 11 Mar 2010
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| Posted: Wed May 19, 2010 9:37 pm Post subject: |
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"There's a good chance that, with the amount of Obama funny money out there floating around, the USD could weaken substantially."
I think I would bet my won on it. |
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morrisonhotel
Joined: 18 Jul 2009
Location: Gyeonggi-do
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| Posted: Wed May 19, 2010 9:41 pm Post subject: Re: Won about to take a dive (again) |
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| Provence wrote: |
Despite having a good run for awhile it looks like it�s that time of year again. The won shot up 80 points vs the USD and nearly 100 vs the British Pound in just three days.
I predict it will be 1500 won to 1 USD and 2000 won to 1 British Pound by July. The won rollercoaster ride is about to get exciting!
Isn�t it nice to get paid in such a volatile currency? |
It's actually only gone up by 60 vs the pound. Thank Christ I sent money home on Monday. The pound isn't looking too great at the moment (and neither is the rest of the EU). With severe fiscal belt tightening occurring right across the EU, I don't see the pound's value or the euro's value improving any time soon. As long as the won stays stable then it's all good. |
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drama_addict
Joined: 30 Aug 2009
Location: Seoul
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| Posted: Wed May 19, 2010 10:10 pm Post subject: |
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| egrog1717 wrote: |
| World Traveler wrote: |
| Look at Japan's rate now. You can make over $3,000USD a month. |
Not when you factor in housing, car, insurance, cost of living, etc...
Plus your pension and severance in Korea that you don't get in Japan.. |
Actually, participants in the JET program get the same benefits people in SMOE, EPIK, and GEPIK receive: Pension, Severance, Settlement Allowance, etc.
But yes, the cost of living is usally such that you can't save nearly enough you can in Korea, even with the fanatastic USD/JPY exchnage rate going on... |
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