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Yaya
Joined: 25 Feb 2003
Location: Seoul
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The Cosmic Hum
Joined: 09 May 2003
Location: Sonic Space
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 Posted: Sat Jan 14, 2012 2:59 am Post subject: |
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A butterfly flaps its wings just about anywhere in the known world...and the Korean won takes a dive.
This is depressing stuff...would be nice to see some growth eventually. |
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climber159
Joined: 02 Sep 2007
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| Posted: Sat Jan 14, 2012 3:29 am Post subject: |
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This is excellent news for those of us who get paid in Dollars and spend in Won.  |
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Yaya
Joined: 25 Feb 2003
Location: Seoul
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| Posted: Sat Jan 14, 2012 8:26 pm Post subject: |
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| I'm thinking 1,200 to the dollar isn't impossible though I do believe it will be temporary. |
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Dwenjoen88
Joined: 10 Jan 2012
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| Posted: Sat Jan 14, 2012 9:03 pm Post subject: |
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| i think those downgrades were largely anticipated, which was reflected in the lack of a major stock market plunge on Friday... or at least I hope so.... |
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Yaya
Joined: 25 Feb 2003
Location: Seoul
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| Posted: Sat Jan 14, 2012 9:08 pm Post subject: |
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| Dwenjoen88 wrote: |
| i think those downgrades were largely anticipated, which was reflected in the lack of a major stock market plunge on Friday... or at least I hope so.... |
We ALL hope so but that hasn't been the case with the won in the past. Still, we CAN hope. |
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jonpurdy
Joined: 08 Jan 2009
Location: Ulsan
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| Posted: Sat Jan 14, 2012 9:37 pm Post subject: |
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| The Cosmic Hum wrote: |
A butterfly flaps its wings just about anywhere in the known world...and the Korean won takes a dive.
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LOL. That's a good quote. |
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Maserial
Joined: 31 Jul 2005
Location: The Web
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| Posted: Sun Jan 15, 2012 1:16 am Post subject: |
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| The Cosmic Hum wrote: |
A butterfly flaps its wings just about anywhere in the known world...and the Korean won takes a dive.
This is depressing stuff...would be nice to see some growth eventually. |
lol
Could everyone do me a favor and refrain from farting for the next twenty-four hours? I want to convert some currency. |
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english puppet
Joined: 04 Nov 2011
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| Posted: Sun Jan 15, 2012 5:29 pm Post subject: |
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| Looks like we've got a reprieve? Markets don't open up until Wednesday it seems? |
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Yaya
Joined: 25 Feb 2003
Location: Seoul
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| Posted: Sun Jan 15, 2012 8:56 pm Post subject: |
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No, that's NEXT week. The initial damage is far less than what I feared but let's wait until tomorrow as the Korean stock market is linked to Wall Street.
The good news is, the won is supposed to appreciate to 1,025 to the dollar this year according to Barclays, though other forecasts are not as high.
Barclays Capital, the second-best forecaster as measured by Bloomberg News, expects South Korea�s won to outpace the other currencies, climbing 12 percent to 1,025.
The won will appreciate as �export growth is holding up very well,� Barclays� Verdi said. OCBC and ING were less optimistic, forecasting gains of 3.4 percent and 0.2 percent.
http://www.bloomberg.com/news/2012-01-15/rupee-to-gain-fastest-in-12-on-asia-inflow-top-forecaster-says.html |
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akcrono
Joined: 11 Mar 2010
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| Posted: Mon Jan 16, 2012 3:38 am Post subject: |
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| Thanks for the info yaya. |
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english puppet
Joined: 04 Nov 2011
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| Posted: Mon Jan 16, 2012 4:18 am Post subject: |
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| Yaya wrote: |
No, that's NEXT week. The initial damage is far less than what I feared but let's wait until tomorrow as the Korean stock market is linked to Wall Street.
The good news is, the won is supposed to appreciate to 1,025 to the dollar this year according to Barclays, though other forecasts are not as high.
Barclays Capital, the second-best forecaster as measured by Bloomberg News, expects South Korea�s won to outpace the other currencies, climbing 12 percent to 1,025.
The won will appreciate as �export growth is holding up very well,� Barclays� Verdi said. OCBC and ING were less optimistic, forecasting gains of 3.4 percent and 0.2 percent.
http://www.bloomberg.com/news/2012-01-15/rupee-to-gain-fastest-in-12-on-asia-inflow-top-forecaster-says.html |
Yeah, so far so good. It looks like it only lost a few won today. I'd be damn happy with 1,025 I must say. Oanda is fore casting in that zone as well. Let's keep our fingers crossed that things dont' get toooo weird and maybe we can make a few bucks right? |
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cedarseoul
Joined: 16 Feb 2008
Location: nowon-gu
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| Posted: Mon Jan 16, 2012 4:58 am Post subject: |
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I think when stuff happens that the market has already priced in, the effect on the KRW is minimal. It's the surprises--an unexpected default of a major company, an unusually bad trading day, gunfire from NK--that jostle the currency...
A credit downgrade of European countries was inevitable, and had been for some time. Further downgrades are highly likely. I don't think the won will take too much more of a beating at this point, unless Korea starts posting a current account deficit again. |
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english puppet
Joined: 04 Nov 2011
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| Posted: Mon Jan 16, 2012 5:15 am Post subject: |
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| cedarseoul wrote: |
I think when stuff happens that the market has already priced in, the effect on the KRW is minimal. It's the surprises--an unexpected default of a major company, an unusually bad trading day, gunfire from NK--that jostle the currency...
A credit downgrade of European countries was inevitable, and had been for some time. Further downgrades are highly likely. I don't think the won will take too much more of a beating at this point, unless Korea starts posting a current account deficit again. |
You're probably right. I know when I get to a certain rate I throw every Won I've got at that transfer account! Once it starts going bad it seems like it can take quite a while to recuperate. Then again, I'm not always patient either! |
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Yaya
Joined: 25 Feb 2003
Location: Seoul
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| Posted: Mon Jan 16, 2012 9:50 pm Post subject: |
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| Seems the KOSPI and won-dollar rate are staying put quite well. Perhaps the Korean won will finally shake its perennial tag of "undervalued" and rise in value for a change. |
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